JUNE 6/GOLD CLOSED DOWN $5.85 TO $1841.75//SILVER CLOSED UP 20 CENTS TO $22.09//PLATINUM CLOSED UP $16.35 TO $1029.85//PALLADIUM CLOSED UP $20.20 TO $2005.10//COVID UPDATES TODAY: VACCINE INJURIES//VACCINE IMPACT//DR RYAN COLE INTERVIEWED BY GREG HUNTER: A MUST VIEW//POTENTIAL PORT STRIKE IN HAMBURG, COULD BE VERY DAMAGING//ISRAEL HAS A NEW IRON -BEAM TO KNOCK OUT MISSILES IN THE SKY//RUSSIA LIMITS THE EXPORT OF NOBLE GASES (NEON)//BRANDON SMITH ON INFLATION//SWAMP STORIES FOR YOU TONIGHT//

JUNE 6 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1841.75 DOWN $5.85 

SILVER: $22.09 UP  $.20

ACCESS MARKET: GOLD $1842.20

SILVER: $22.09

Bitcoin morning price:  $31,417 UP 1869

Bitcoin: afternoon price: $31,317  UP 1769  

GOLD;  $1847.60 

Platinum price: closing UP $16.35 to $1029.85

Palladium price; closing UP $20.20  at $2005,19

END

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 EXCHANGE: COMEX EXCHANGE: COMEXEXCHANGE: COMEX

CONTRACT: JUNE 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,845.400000000 USD
INTENT DATE: 06/03/2022 DELIVERY DATE: 06/07/2022
FIRM ORG FIRM NAME ISSUED STOPPED


118 C MACQUARIE FUT 13
118 H MACQUARIE FUT 18
323 C HSBC 25
323 H HSBC 84
332 H STANDARD CHARTE 12
363 H WELLS FARGO SEC 18
435 H SCOTIA CAPITAL 9
624 H BOFA SECURITIES 31
661 C JP MORGAN 600 363
686 C STONEX FINANCIA 4
690 C ABN AMRO 4
700 C UBS 16
709 H BARCLAYS 9
732 C RBC CAP MARKETS 1
800 C MAREX SPEC 15 3
905 C ADM 5


TOTAL: 615 615
MONTH TO DATE: 15,320

JPMorgan issued  363/615

NUMBER OF NOTICES FILED TODAY FOR  JUNE CONTRACT 615  NOTICE(S) FOR 61,500 Oz//1.9129  TONNES)

total notices so far: 15,320 contracts for 1,532,000 oz (47.6516 tonnes)

SILVER NOTICES: 

27 NOTICE(S) FILED 135,000   OZ/

total number of notices filed so far this month  1502  :  for 7,510,000  oz



END

Russia is a major supplier of silver to London while Mexico supplies the COMEX

With the sanctions, London has no way to obtain silver other than compete with NY.

GLD

WITH GOLD DOWN $5.85

WITH RESPECT TO GLD WITHDRAWALS:  (OVER THE PAST FEW MONTHS):

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHEN CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE BANK OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

ALSO INVESTORS SWITCHING TO SPROTT PHYSICAL  (phys) INSTEAD OF THE FRAUDULENT GLD//

NO CHANGES IN GOLD INVENTORY AT THE GLD:

INVENTORY RESTS AT 1066.04 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP $.20 CENTS

AT THE SLV// A BIG CHANGE IN SILVER INVENTORY AT THE SLV://NO CHANGES IN SILVER IVWENTORY AT THE SLV.: A HUGE WITHDRAWAL OF 6.459 MILLION OZ FROMTHE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 547.167 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A GOOD SIZED  641 CONTRACTS TO 146,193   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND  THE LOSS IN OI WAS ACCOMPLISHED WITH OUR VERY STRONG   $0.34 LOSS  IN SILVER PRICING AT THE COMEX ON FRIDAY( ASSISTED BY THE CRIMINAL TAS/SPREADER LIQUIDATION).  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.34) AND  ALSO SUCCESSFUL IN KNOCKING OFF SOME SILVER LONGS AS THEY REMAIN FIRM IN THEIR BELIEF OF A SILVER FAILURE AS WE HAD A TINY NET LOSS OF194 CONTRACTS ON OUR TWO EXCHANGES

WE  MUST HAVE HAD: 
I) HUGE BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/. II)WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 7.635 MILLION OZ FOLLOWED BY TODAY’S QUEUE JUMP OF 29 CONTRACTS OR 145,000 OZ//NEW STANDING:  8,145,000 / //  V)    GOOD SIZED COMEX OI LOSS/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: 


THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS  : -97

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS  JUNE. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JUNE: 

TOTAL CONTACTS for 4 days, total 4561,  contracts:  22.805 million oz  OR 5.7 MILLION OZ PER DAY. (1140CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 5.7 MILLION OZ

.

LAST 11 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120 

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ 

JAN 2022//  90.460 MILLION OZ

FEB 2022:  72.39 MILLION OZ//

MARCH: 207.430  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE AND WE ARE STILL GOING STRONG THIS MONTH.

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 5.7 MILLION OZ

RESULT: WE HAD A GOOD SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF  641 WITH OUR STRONG  $0.34 LOSS IN SILVER PRICING AT THE COMEX// FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A FAIR  SIZED EFP ISSUANCE  CONTRACTS: 350 CONTRACTS ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS    THE DOMINANT FEATURE TODAY: /HUGE BANKER SHORT COVERING AS THEY GET OUT OF DODGE//// WE HAVE A HUGE INITIAL SILVER OZ STANDING FOR JUNE. OF 7.635 MILLION  OZ FOLLOWED BY TODAY’S 145,000 QUEUE JUMP//NEW STANDING:8.145 //  .. WE HAD A SMALL SIZED LOSS OF 291 OI CONTRACTS ON THE TWO EXCHANGES FOR 1.4550 MILLION  OZ WITH THE LOSS IN PRICE. 

 WE HAD 27  NOTICES FILED TODAY FOR  135,000 OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL  BY A STRONG SIZED 12,278 CONTRACTS  TO 498,442 AND FURTHER FROM NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: -62 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  LOSS IN COMEX OI CAME WITH OUR STRONG LOSS IN PRICE OF $19.75//COMEX GOLD TRADING/FRIDAY / WE MUST HAVE  HAD  SOME SPECULATOR SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION   //JUST SPECULATOR SHORT COVERING FROM OUR STUPID SPECULATORS.

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 69.26 TONNES ON FIRST DAY NOTICE /FOLLOWED BY TODAY’S 0 OZ QUEUE JUMP//NEW STANDING:  69.063 TONNES

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF   $19.75 WITH RESPECT TO FRIDAY’S TRADING

WE HAD A STRONG SIZED LOSS OF 10,287  OI CONTRACTS 31.986 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED  1991 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 498,442

IN ESSENCE WE HAVE A STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,287, WITH 12,278 CONTRACTS DECREASED AT THE COMEX AND 1991 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 10,287 CONTRACTS OR 31.986 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1991) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (12,278,): TOTAL LOSS IN THE TWO EXCHANGES 10,287 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE. AT 69.26 TONNES FOLLOWED BY TODAY’S QUEUE  JUMP OF 0 OZ//NEW STANDING:69.063 TONNES /  3) MINOR LONG LIQUIDATION  ( MOSTLY TAS)//CONSIDERABLE SPECULATOR SHORT COVERING //.,4) STRONG SIZED COMEX  OI. LOSS 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

JUNE

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE :

14,298 CONTRACTS OR 1,429,800 OZ OR 44.47  TONNES 4 TRADING DAY(S) AND THUS AVERAGING: 3575 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 4 TRADING DAY(S) IN  TONNES: 44.47 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2021, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  44.47/3550 x 100% TONNES  1.26% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2022 

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

 FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN).. 

MARCH:.   276.50 TONNES (STRONG AGAIN/

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV:           312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC.           175.62 TONNES//FINAL ISSUANCE// 

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH:  409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247,44 TONNES FINAL// 

JUNE: 44.47 TONNES

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF SILVER

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF APRIL HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MAY, FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (JULY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, FELL BY A GOOD SIZED 641 CONTRACT OI TO 146,096 AND CLOSER TO  OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  

EFP ISSUANCE 350 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

JULY 350  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 641 CONTRACTS AND ADD TO THE 350 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A SMALL SIZED LOSS OF 291   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE  LOSS  ON THE TWO EXCHANGES 1.455 MILLION OZ

OCCURRED WITH OUR LOSS IN PRICE OF  $0.34 .

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

4. Chris Powell of GATA provides to us very important physical commentaries

end

5. Other gold commentaries

end

6. Commodity commentaries

3. ASIAN AFFAIRS

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED UP 40.91 PTS OR 1.28%   //Hang Sang CLOSED UP 571.79 PTS OR 2.71%    /The Nikkei closed UP 154.32 OR 0.56%          //Australia’s all ordinaires CLOSED DOWN .54%%   /Chinese yuan (ONSHORE) closed UP 6,6401    /Oil UP TO  119.30dollars per barrel for WTI and UP TO 120.08 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6401 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6389: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER/

a)NORTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

 COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 12,278 CONTRACTS TO 498,442 AND FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS  COMEX DECREASE OCCURRED WITH OUR LOSS OF $19.75 IN GOLD PRICING FRIDAY’S COMEX TRADING. WE NOW DOUBT HAD OUR SPREADER //TAS OPERATION IN FULL SWING ON FRIDAY. WE ALSO HAD A FAIR SIZED EFP (1991 CONTRACTS). . THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. IT NOW SEEMS THAT THE COMMERCIALS HAVE GOADED THE SPECS TO GO SHORT BIG TIME AND THEY ARE CAUGHT. THE COMMERCIALS WILL SLAUGHTER THESE GUYS WHEN THEY THINK THE TIME IS RIGHT

WE NORMALLY HAVE WITNESSED  EXCHANGE FOR PHYSICALS ISSUED BEING SMALL AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE  ACTIVE DELIVERY MONTH OF JUNE..  THE CME REPORTS THAT THE BANKERS ISSUED A fair SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 1991 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 AUG :1991 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  1991 CONTRACTS 

WHEN WE HAVE BACKWARDATION,  EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED  TOTAL OF 10,287 CONTRACTS IN THAT 1991 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED  COMEX OI LOSS OF 12,278  CONTRACTS..AND  THIS STRONG LOSS ON OUR TWO EXCHANGES HAPPENED WITH  OUR FALL IN PRICE OF GOLD $19.75.   

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (69.063),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL SO FAR THIS YEAR (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 69.063 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $19.75) AND WERE SUCCESSFUL IN KNOCKING OFF SOME SPECULATOR LONGS/COMMERCIAL LONGS AS WELL AS SPECULATOR SHORTS////  WE HAVE  REGISTERED A STRONG SIZED LOSS  OF 31.986 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (69.063 TONNES)

WE HAD 62 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 10,287 CONTRACTS OR 1,028,700  OZ OR 31.986 TONNES

Estimated gold volume 95,980/// poor

final gold volumes/yesterday  120,675   poor

INITIAL STANDINGS FOR JUNE ’22 COMEX GOLD //JUNE 6

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz32.151 oz
BRINKS1 kilobar
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today615  notice(s)
61,500 OZ
1.9129 TONNES
No of oz to be served (notices)6884 contracts 
688,400 oz
21.412 TONNES
Total monthly oz gold served (contracts) so far this month15,320 notices
1,532,000 OZ
47.6516 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

dealer deposits  0

total dealer deposit  0   oz//

No dealer withdrawals

0 customer deposits

total deposits: nil oz

1 customer withdrawals:

i) Out of Brinks: 32.151 (1 kilobars)

total withdrawal: 32.151  oz

ADJUSTMENTS:  1 dealer to customer//manfra/

20,166.668 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.

For the front month of JUNE we have an  oi of 7499 contracts having LOST 4043 contracts

We had 4043 notices filed on FRIDAY so we GAINED 0  contracts

July has a LOSS OF 56 OI to stand at 2072

August has a LOSS of 9524 contracts DOWN to 424,894 contracts

We had 4043 notice(s) filed today for  404,300 oz FOR THE JUNE 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  600 notices were issued from their client or customer account. The total of all issuance by all participants equate to 615 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and  363 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JUNE /2021. contract month, 

we take the total number of notices filed so far for the month (15,320) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE 7499  CONTRACTS ) minus the number of notices served upon today  615 x 100 oz per contract equals 2,220400 OZ  OR 69.063 TONNES the number of TONNES standing in this  active month of JUNE. 

thus the INITIAL standings for gold for the JUNE contract month:

No of notices filed so far (15,320) x 100 oz+   (7499)  OI for the front month minus the number of notices served upon today (615} x 100 oz} which equals 2,220,400 oz standing OR 69.063 TONNES in this   active delivery month of JUNE.

TOTAL COMEX GOLD STANDING:  69.063 TONNES  (A STRONG STANDING FOR A JUNE (  ACTIVE) DELIVERY MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 o

total pledged gold:  2,210,073.763 oz                             

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  35,027,501.338 OZ 

TOTAL ELIGIBLE GOLD: 17,043,783.837  OZ

TOTAL OF ALL REGISTERED GOLD: 17,983717.501 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,793226.0 OZ (REG GOLD- PLEDGED GOLD)  

END

JUNE 2022 CONTRACT MONTH//SILVER//JUNE 6

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory805,334/501  oz
CNT
Manfra
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory1,093,826.344 oz
CNT
No of oz served today (contracts)27CONTRACT(S)
135,000  OZ)
No of oz to be served (notices)119 contracts (595,000 oz)
Total monthly oz silver served (contracts)1502 contracts 7,510,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month


i) zero dealer deposits  
And now for the wild silver comex results

total dealer deposits:  0     oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 1 deposits into the customer account

i) Into CNT:  1,093,826.344 oz

total deposit:  1,093,826.344    oz

JPMorgan has a total silver weight: 171.637 million oz/336.894 million =50.95% of comex 

 Comex withdrawals: 2

i) Out of CNT 205,198.600 oz

ii) Out of Manfra: 600,135.901 oz

total withdrawal  805,334.501       oz

0 adjustments: 

the silver comex is in stress!

TOTAL REGISTERED SILVER: 72,453 MILLION OZ

TOTAL REG + ELIG. 336.894 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE OI: 146 HAVING GAINED 12 CONTRACTS. 

WE HAD 17 NOTICES FILED ON FRIDAY SO WE GAINED 29 CONTRACTS OR AN ADDITIONAL 145,000 OZ WILL STAND IN THIS NON ACTIVE

DELIVERY MONTH OF JUNE

JULY HAD A LOSS OF 1401 CONTRACTS DOWN TO 103,213 CONTRACTS.

AUGUST GAINED 151 CONTRACTS TO STAND AT 619

SEPTEMBER HAD A GAIN OF 718 CONTRACTS UP TO 27,920 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 27 for 135,000 oz

Comex volumes:54,484// est. volume today//   poor

Comex volume: confirmed yesterday: 41,578 contracts ( poor )

To calculate the number of silver ounces that will stand for delivery in JUNE we take the total number of notices filed for the month so far at 1510 x 5,000 oz = 7,510,000 oz 

to which we add the difference between the open interest for the front month of JUNE(146) and the number of notices served upon today 27  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JUNE./2022 contract month: 1510 (notices served so far) x 5000 oz + OI for front month of JUNE (146)  – number of notices served upon today (27) x 5000 oz of silver standing for the JUNE contract month equates 8,145,000 oz. .

the record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

END

GLD AND SLV INVENTORY LEVELS:

JUNE 6/WITH GOLD DOWN $5.85: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1066.04 TONNES

JUNE 3/WITH GOLD DOWN $19.75//A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES FROM THE GLD//INVENTORY RESTS AT 1066.04 TONNES

JUNE 2/WITH GOLD UP $22.50: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.64 TONNES FROM THE GLD//INVENTORY RESTS AT 1067.20 TONNES

JUNE 1/WITH GOLD UP $1$ HUGE CHANGES IN GOLD INVENTORY AT THE GLD: AWITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 1068.36 TONNES

MAY 31/WITH GOLD DOWN $15.10: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1069.81 TONNES

MAY 27/WITH GOLD UP $4.95//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1069.81 TONNES

May 26/WITH GOLD UP $2.10/A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 1069.81 TONNES

MAY 25/WITH GOLD UP @$2.70: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 11.89./INVENTORY RESTS AT 1068.07 TONNES

MAY 20/WITH GOLD UP $7.75: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.97 TONNES INTO THE GLD/INVENTORY RESTS  AT 1056.18 TONNES

MAY 19/WITH GOLD UP $24.20; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1049.21 TONNES//

MAY 18/WITH GOLD DOWN $2.55//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.07 TONNES FROM THE GLD///INVENTORY RESTS AT 1049.21 TONNES

MAY 17/WITH GOLD UP $5.40:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES FROM THE GLD////INVENTORY RESTS AT 1053.28 TONNES

MAY 16/WITH GOLD UP $5.40: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.93 TONNES FROM THE GLD///INVENTORY RESTS AT 1055.89 TONNES

MAY 13/ WITH GOLD DOWN $16.25//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.8 TONNES FROM THE GLD.//INVENTORY RESTS AT 1060.82 TONNES

MAY 12/WITH GOLD DOWN $26.50: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.99 TONNES FROM THE GLD////INVENTORY RESTS AT 1066.62 TONNES

MAY 11/WITH GOLD UP $9.85//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.25 TONNES FROM THE GLD/////INVENTORY RESTS AT 1068.65 TONNES

MAY 10//WITH GOLD DOWN $16.90: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 6.10 TONNES OF GOLD FROM THE GLD//INVENTORY RESTS AT 1075.90 TONNES

MAY 9/WITH GOLD DOWN $24.05: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.98 TONNES FROM THE GLD..//INVENTORY RESTS AT 1082.00 TONNES

MAY 6/WITH GOLD UP $7.95: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.06 TONNES FROM THE GLD////INVENTORY RESTS AT 1084.98 TONNES

MAY 5/WITH GOLD UP $6.60 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1089.04 TONNES

MAY 4//WITH GOLD UP 70 CENTS TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.19 \TONNES FROM THE GLD//INVENTORY RESTS AT 1089.04 TONNES

MAY 3/WITH GOLD UP $6.05: A BIG CHANGE IN GOLD INVENTORY AT THE GLD/ A WITHDRAWL OF 2.32 TONNES//INVENTORY RESTS AT 1092.23

MAY 2/WITH GOLD DOWN $46.20: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES FROM THE GLD///INVENTORY RESTS AT 1094.55 TONNES

GLD INVENTORY: 1066.04 TONNES

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them

JUNE 6/WITH SILVER UP 20 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 6.459 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 547.167 MILLION OZ//

JUNE 3/WITH SILVER DOWN $.34: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITTHDRAWAL OF 246,000 OZ FORM THE SLV//INVENTORY RESTS AT 553.626 MILLION OZ..

JUNE 2/WITH SILVER UP 57 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.261 MILLION OZ FORM THE SLV.//INVENTORY RESTS T 553.872 MILLION OZ

JUNE 1/WITH SILVER UP 19 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 2.538 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 556.133 MILLION OZ//

MAY 31/WITH SILVER DOWN $.41 TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST S AT 558.071 MILLION OZ//

MAY 27/WITH SILVER UP 10 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 558.071 MILLION OZ///

MAY 26/WITH SILVER UP 8 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.515 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 558.071 MILLION OZ

MAY 25/WITH SILVER UP 20 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .922 MILLION OZ FROM THE SLV/ //INVENTORY RESTS AT 561.486 MILLION OZ//

MAY 20.WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WIHDRAWAL OF .785 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 565.085 MILLION OZ//

MAY 19/WITH SILVER UP 34 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 565.085 MILLION OZ//

MAY 18/WITH SILVER UP $0.04 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL  1.892 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 565.085 MILLION OZ//

MAY 17/WITH SILVER UP $.22 TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.508 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 565.085 MILLION OZ//

MAY 16/WITH SILVER UP $.52 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.546 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 568.593 MILLION OZ//

MAY 13/WITH SILVER UP 31 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 570.439 MILLION OZ/

MAY 12/WITH SILVER DOWN 88 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 570.439 MILLION OZ//

May 11/WITH SILVER UP 8 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 5.487 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 570.439 MILLION OZ//

MAY 10.//WITH SILVER DOWN 40 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ//

MAY 9/WITH SILVER DOWN 50 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ

MAY 6/WITH SILVER DOWN 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ//

MAY 5/WITH SILVER UP 6 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .93 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ//

MAY 4/WITH SILVER DOWN 27 CENTS TODAY: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .851 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 576.900 MILLION OZ

MAY 3/WITH SILVER UP 4 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF.877 MILLION OZ INTO THE SLV.

MAY 2/WITH SILVER DOWN 47 CENTS: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 554,000 OZ FROM THE SLV.//INVENTORY RESTS AT 575.171 MILLION OZ//

INVENTORY TONIGHT RESTS AT 547.167 MILLION OZ/

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

2. Lawrie Williams//Pam and Russ Martens/

END

3. Chris Powell of GATA provides to us very important physical commentaries

end

4.OTHER GOLD/SILVER COMMENTARIES

Austrian Monetary Gold Transfer From London To Switzerland, Planned In 2015, Still Hasn’t Arrived

SUNDAY, JUN 05, 2022 – 11:30 AM

By Jan Nieuwenhuijs of Gainesville Coins

A plan conceived by the Austrian central bank in 2015 to move 50 tonnes of their monetary gold from London to Switzerland has not been realized seven years later. Here is an introduction to what could possibly have happened.

Since 2007 the Austrian central bank (Oesterreichische Nationalbank, hereafter “OeNB”) owns a few kilograms short of 280 tonnes of gold. In a report released by the Austrian “court of audits” (Rechnungshof, RH) from February 2015 it stated Austria was holding too much of its metal (82%) in London at the Bank of England (BOE). The court of audits concluded that all contracts between OeNB and its external depositories, but mainly the one in England, contained deficiencies and auditing measures were lacking.

Soon after the Austrian central bank announced a new storage concept. Contracts with external depositories would be reviewed and amended, 90 tonnes stored at BOE would be repatriated, and 50 tonnes would be transferred from London to Switzerland. Within five years (by 2020) the new storage concept should have been completed.

In 2018 OeNB announced to have repatriated 90 tonnes from London—ahead of schedule. Up to fifty percent of OeNB’s gold was brought home, divided between OeNB’s own vaults (90 tonnes) and the vaults of the Austrian Mint (50 tonnes). The transfer of gold from London to Switzerland, however, wasn’t done yet.

From January 2020 up until January 2022 there was a graph on OeNB’s website suggesting all metal that was supposed to be located in Switzerland had arrived, though in the fine print it read: “By 2020 at the latest, the OeNB will have completed the implementation of its gold storage policy in Switzerland.”

It’s very likely that up until today none of the gold that was planned to be transferred from London to Switzerland has arrived. Somewhere after January 2022, the graph above disappeared from OeNB’s website. Now the webpage reads:

The relocation [from London to Switzerland] has been postponed until organizational and logistical obstacles have been resolved.

In an email OeNB wrote me:

We can confirm that the relocation has been postponed. However, we are not allowed to disclose any details in order to comply with contractual obligations to keep business secrets of external partners involved.

For a fact OeNB knew the transfer would be delayed long before 2022. In OeNB’s Annual Report 2015 the original plan is shown: 90 tonnes would be repatriated from BOE and 50 tonnes would be transferred from the U.K. to Switzerland by 2020 (to store 50% in Austria, 30% in the U.K., and 20% in Switzerland). The same deadline was disclosed in the OeNB’s Annual Report 2016.

The original plan was first adapted in OeNB’s Annual Report 2017. The deadline was dropped and replaced by: “New gold storage policy.” Meanwhile zero gold had arrived in Switzerland by then. Still 3% was stored in Switzerland, the same as prior to the new gold storage concept.

Based on the publication dates of the reports OeNB must have concluded the shipment towards Switzerland would be postponed in between May 2017 and May 2018. Repatriating gold from London went as scheduled.

What could possibly have happened in between May 2017 and May 2018 that made OeNB have to wait for more than six years to move its gold from London to Switzerland?

Due to the complexity of this investigation, I have decided to publish my analysis in multiple parts—at least three as I see it now. In forthcoming articles, we will zoom in on the role of BOE, the Bank for International Settlements (BIS), and the vaults of the Swiss central bank—where the gold was supposed to be by now

end

5.OTHER COMMODITIES //DIESEL+ OTHERS

Diesel Once Again Racing Higher Than Prices For Crude Oil, Gasoline

SUNDAY, JUN 05, 2022 – 03:30 PM

By John Kingston of FreightWaves

Diesel prices have wrapped up four days of trading in which they are finishing far higher than they were at the start of the business week and have moved up faster than crude and gasoline prices.

It’s a worrisome trend for consumers because it signals that once again, diesel is moving at a pace more bullish than that of the petroleum market as a whole. That it already has done so in recent months is evident in the gasoline-diesel spread seen on price signs outside of retail outlets, and it has a complex set of causes.

Ultra low sulfur diesel for July delivery settled on the CME commodity exchange Friday at $4.2803 a gallon. That marked a gain of 7.19 cents per gallon on the day for an increase of 1.71%. It traded as high as $4.3250. 

For the week — which was just four trading days, given the Memorial Day holiday — July ULSD rose 9.6%, posting a gain of 37.5 cents per gallon. 

By contrast, the gain in WTI over the four days (from the May 27 settlement through the settlement at the end of this week) was 3.3% for West Texas Intermediate crude, barely any overall movement for global crude benchmark Brent, and 8.6% for RBOB, an unfinished gasoline blendstock that is a trading proxy for gasoline.

Those sorts of numbers suggest that increasingly, the issue in the market is not just the loss of Russian crude supplies but a loss of refining capacity worldwide that is coming home to roost, aggravated by the effective loss of some Russian refining capacity and its output as a result of formal and informal sanctions.

It is most evident in one of the most basic numbers traders watch: the 3:2:1. It’s a rough estimate of refining margins, arrived at by taking the price of either Brent or WTI and multiplying it by 3, and then subtracting that number from the sum of taking two barrels of gasoline and one barrel of ULSD.  

The 3:2:1 for both Brent and WTI spent most of the week in the range of $55 to $60 per barrel, depending on how it was calculated. (Even a simple number like this can be the focus of differences in methodology.) At the start of 2021, it was closer to $20 a barrel, a figure that was far more in line with historic norms. A 3:2:1 in the upper $50s is leaving traders searching for new words to describe how unprecedented that is.

That sort of blowout can be expected in a world in which the International Energy Agency estimated earlier this year that global refining capacity had a net decline of 730,000 barrels per day in 2021. While that is less than 1% of the global oil market, in a tight supply/demand balance, the impact of such a decline can be enormous. 

A $55, 3:2:1 will lead refiners to process as much as they can. And that is evident in the weekly Energy Information Administration data on U.S. refining operations — mostly.

U.S. refineries operated at 92.6% of capacity in the week ended May 27. While that is a healthy number, it actually was down slightly from the 93.6% from the prior week. And it isn’t that much higher than the average for the final full week of May, which is 91.8% over the last five years of data points, excluding pandemic-impacted 2020. 

But the numbers on ULSD production nationwide are disappointing. Total output the last two weeks through May 27 was 4.875 and 4.818 million barrels per day, respectively. Those are the highest in a year, but the bad news for diesel consumers is that it’s still less than the output for the final week of May for the three years before the pandemic. Even with enormous margins, U.S. refiners are making less diesel than they were for this time of the year between 2017 and 2019. 

On the U.S. East Coast, refiners have rushed to take advantage of the strong margins in that region. Refiners there over the last two weeks have operated at 97% and 98.2%, respectively, in an industry in which it is virtually impossible to run at 100% for any sustained period of time. Something inevitably breaks down. But the East Coast operating rates are against a base of refining capacity that has lost several hundred thousand barrels per day in the past several years. 

The East Coast has been of particular interest to the diesel market given its soaring value relative to the Gulf Coast, which is the major refining center and a key export point for the U.S. and the world. 

Weekly inventory figures dropped once again for the week ended May 27. They were at 18.8 million barrels, down from 20.4 million barrels just two weeks ago. And when it was at 20.4 million, it was already well below the roughly 38 million barrels at the start of the year in the East Coast area known as PADD 1, an EIA-designated area. 

Despite those tight inventories, the spot market spread between the East Coast price and that in the Gulf Coast reacted counterintuitively. 

Through much of May, as East Coast diesel inventories declined steadily during the year, that spread blew out to as much as 70 cents per gallon, according to data provided to FreightWaves by benchmark gateway General Index.

But on Friday, General Index estimated the spread at 7 cts/g, after it declined steadily through the week. It closed last week at 11.5 cents, went to 10.8 cents for Monday and Tuesday and then dropped to 5 cents Thursday before the slight widening Friday. 

That odd movement may be a signal that the squeeze seen in the East is no longer the outlier and tight inventories through the country mean the East Coast just got there first. For example, the spread between the Gulf Coast and Chicago ULSD markets stood at roughly 20 cents by Thursday, with Chicago running that much of a premium to the Gulf Coast. That spread also tends to be a few cents during normal periods, much like the East Coast/Gulf Coast spread.  

END

Perfect Storm Of Factors Sends US Natural Gas Prices Soaring 

MONDAY, JUN 06, 2022 – 03:25 PM

U.S. natural gas fundamentals remain bullish as above-normal temperatures drive cooling demand and dwindling supplies that would’ve been used for the next winter season cause market tightness, sending futures for July delivery soaring 9.5% to $9.340/mmbtu as of 1315 ET.

Houston-based energy firm Criterion Research sheds more color on the natgas fundamentals driving prices higher. They report a combination of factors, including above-average temperatures in the Lower U.S. 48, natgas demand, slumping natgas production, and below-average national stockpiles, which have driven July contracts above $9. 

The Lower 48’s weather outlook has come in warmer this morning, with the latest models showing a warmer than average forecast for mid-June (versus the ten-year average.)

The week ending 6/17 should bring impressive natural gas demand numbers of 65.5 Bcf/d, marking the highest we’ve seen this summer.

The warmer trend can especially be seen in states such as Texas, where ERCOT is forecasting record-high summer generation.

While the demand side of the equation comes in strong, U.S. natural gas production has been struggling since the start of June. Volumes quickly fell after June 1 and have remained off of the May highs.

Although general production growth is widely expected through year-end by most energy analyses, the speed at which that production comes online is the main concern. Higher production rates will be needed to fill national storage inventories before the winter, especially if summer temperatures continue to come in above-average.

At Criterion, the latest iteration of our long-term supply & demand forecast, we have adjusted our Fall EOS target to a lower 3.19 Tcf, which marked a drop from the last forecast for a 3.25 Tcf level.

The current situation may remain uber bullish and could push natgas prices even higher as summer begins and driving season is underway, which puts upward pressure on energy markets.

Higher U.S. demand versus Europe has compressed the E.U.-U.S. natgas spread (1mo ahead vs. futs).

And in fact, US natgas futures are now trading at a premium to Day-Ahead EU NatGas prices.

Soaring natgas prices will only mean the cost of power will rise. We outlined the cities where power bills will skyrocket this summer as threats of rolling blackouts increase.

END

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

Your early  currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings MONDAY morning 7:30 AM

ONSHORE YUAN: CLOSED UP 6.6401

OFFSHORE YUAN: 6.6389

HANG SANG CLOSED  DOWN 212.81 PTS OR 1.00% 

2. Nikkei closed UP 154.32% OR 0.56%

3. Europe stocks  ALL CLOSED  ALL GREEN

USA dollar INDEX  DOWN TO  102.00/Euro RISES TO 1.0727

3b Japan 10 YR bond yield: RISES TO. +.238/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 130.65/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e Gold UP /JAPANESE Yen UP CHINESE YUAN:   UP -SHORE CLOSED  DOWN//  OFF- SHORE DOWN

3f Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3g Oil UP for WTI and UP FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +1.258%/Italian 10 Yr bond yield RISES to 3.34% /SPAIN 10 YR BOND YIELD FALLS TO 2.40%…

3i Greek 10 year bond yield RISES TO 3.89

3j Gold at $1853.90 silver at: 22.33  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP  0.11      roubles/dollar; ROUBLE AT 60.83

3m oil into the 119 dollar handle for WTI and  120 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 130.65DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this morning 0.9617– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0318well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 2.953 DOWN 0  BASIS PTS

USA 30 YR BOND YIELD: 3.108 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 16.59

Futures Jump, Tech Stocks Rally As Beijing Eases Covid Restrictions

MONDAY, JUN 06, 2022 – 07:51 AM

Global markets and US equity futures pushed sharply higher to start the new week (at least until some Fed speakers opens their mouth and threatens a 100bps emergency rate hike) as Beijing’s latest move to ease Covid restrictions injected a note of optimism into markets rattled by inflation and rate-hike concerns. Nasdaq 100 futures climbed 1.4% at 7:15 a.m. in New York after the underlying index erased more than $400 billion in market value on Friday amid renewed concerns about tightening monetary policy, as Beijing rolled back Covid-19 restrictions, boosting global risk appetite after reporting zero local covid cases on Monday while also finding no community cases for three straight days…

… while a Wall Street Journal report that China is preparing to conclude its probe on Didi Global boosted sentiment further, with Didi shares surging 50% and sending the Hang Seng Tech index soaring. S&P 500 futures also climbed, rising about 1% and trading near session highs. Treasuries and the dollar slipped.

Among other notable movers in premarket trading, Apple rose 1.6%, Tesla jumped 3.9% after tumbling over 9% by the close on Friday, while cryptocurrency-tied stocks jumped with Bitcoin. Here are some other notable premarket movers:

  • Amazon.com (AMZN US) shares rose as much as 2% following a 20-for-1 stock split.
  • Didi Global Inc. (DIDI US) soared after a report that Chinese regulators are about to conclude a probe into the company and restore its apps to mobile stores as soon as this week.
  • Cryptocurrency-tied stocks climb with Bitcoin, which rose beyond the $30,000 level after languishing at the weekend. Riot Blockchain (RIOT US) +7.1%; Coinbase (COIN US) +6.6%.
  • Crowdstrike (CRWD US) shares rise as much as 3.9% following an upgrade to overweight from equal- weight at Morgan Stanley, with the broker saying that the cyber security firm offers “durable” growth and free cash flow at a discount.
  • ON Semi (ON US) shares rise as much as 8.2%. The sensor maker will be added to the S&P 500 Index this month, S&P Dow Jones Indices said late

US stocks slumped in last week’s final session after strong hiring data cleared the way for the Federal Reserve to remain aggressive in its fight against inflation by raising rates, and after repeat warnings by Fed presidents that the central bank was willing to keep hiking. This week, focus will be on the latest US CPI print to assess how much further the Fed will tighten policy.

Inflation is likely to “stall by the end of this year unless the energy or oil prices double again, but a lot of it is already priced in,” Shanti Kelemen, chief investment officer at M&G Wealth, said on Bloomberg Television. While the economy is likely to slow, “I don’t think the US will flip into a recession this year. I think there is still too much of a tailwind from spending and economic activity.”

Goldman economists said the Fed may be able to pull off its aggressive rate-hike plan without tipping the country into recession. The easing of Chinese lockdowns will help abate supply-chain pressures, said Diana Mousina, a senior economist at AMP Capital.

“Positive news around Chinese economic activity and cheaper equity valuations could offer value from a long-term investment perspective, but volatility will remain high in the short-term,” Mousina said in a note.

On the other hand, Morgan Stanley’s permagloomish Michael Wilson warned that weakening corporate profit forecasts will provide the latest headwind to US stocks, which are likely to fall further before bottoming during the second-quarter earnings season.

In Europe, the Stoxx 600 was up 0.9% with technology and mining stocks leading gains. Basic resources led an advance in the Stoxx Europe 600 index as copper rose to its highest since April, with sentiment across industrial metals bolstered by China’s gradual reopening. The technology sector also outperformed, following a gain for Asian peers and amid a recovery in Nasdaq 100 futures in the US. The Stoxx 600 Tech index was up as much as 2.1%; Stoxx 600 benchmark up 0.9%. Tencent-shareholder Prosus was among the biggest contributors to the gain amid a rise for Hong Kong’s Hang Seng tech index, driven by Didi Global and Meituan; Tencent shares rose 2.4% while    Semiconductor-equipment giant ASML was the biggest contributor to the gain; other chip stocks ASMI, Infineon and STMicro all higher too. Just Eat Takeaway also higher following a report that Grubhub co-founder Matt Maloney had worked with private equity investor General Atlantic to buy back the food delivery company he sold to the Dutch firm last year. Here are some of the other notable European movers today:

  • Just Eat Takeaway.com shares rise as much as 12% in the wake of a report saying Grubhub co-founder Matt Maloney had worked with private equity investor General Atlantic to buy back the food delivery company he sold to the Dutch firm last year for $7.3b.
  • Semiconductor-equipment giant ASML climbs as much as 3.1% as European tech stocks outperform the broader benchmark, following a gain for Asian peers and amid a recovery in Nasdaq 100 futures.
  • LVMH gains as much as 1.7% with luxury stocks active as Beijing continues to roll back Covid-19 restrictions in a bid to return to normality. Kering and Hermes both climb as much as 1.9%.
  • Melrose rises as much as 4.7% after the firm said it has entered into an agreement to sell Ergotron to funds managed by Sterling for a total of ~$650m, payable in cash on completion.
  • Serica Energy jumps as much as 12%, the most since March 30, after the oil and gas company published a corporate update and said it expects to benefit from investment incentives packaged with the UK’s windfall tax.
  • Airbus rises as much as 2.8% after Jefferies reinstated the stock as top pick in European aerospace & defense, replacing BAE Systems, as short-term production challenges should not overshadow the potential to double Ebit by 2025.
  • EDF drops as much as 3.3% after HSBC analyst Adam Dickens downgraded to reduce from hold, citing “corroded confidence”
  • Accell falls as much as 4.8%, the most intraday since December, after KKR’s tender offer for the bicycle maker failed to meet the 80% acceptance threshold.

Meanwhile, the European Central Bank is set to announce an end to bond purchases this week and formally begin the countdown to an increase in borrowing costs in July, joining global peers tightening monetary policy in the face of hot inflation. The ECB is planniing to strengthen its support of vulnerable euro-area debt markets if they are hit by a selloff, Financial Times reported. Italian and Spanish bonds gained.

Earlier in the session, Asian stocks climbed, supported by a rally in Chinese tech shares and positive sentiment following Beijing’s economic reopening.  The MSCI Asia Pacific index rose 0.6% as Hong Kong-listed internet names jumped after a report that authorities are wrapping up their probe into Didi Global. Hong Kong and Chinese shares were among the top gainers in the region, also helped by Beijing moving closer to returning to normal as it rolled back Covid-19 restrictions. “As policymakers continue to deliver on support pledges, the worst is likely behind us,” said Marvin Chen, strategist at Bloomberg Intelligence. “We are seeing the beginning of a recovery into the second half of the year as the growth outlook bottoms out.”

Japanese shares were higher, with transportation and restaurant stocks gaining after the Nikkei reported the government is considering restarting the “Go To” domestic travel subsidy campaign as soon as this month. Japanese equities erased early losses and rose with Chinese stocks as a loosening of Covid-19 restrictions in Beijing increased bets that economic activity will pick up. The Topix rose 0.3% to 1,939.11 as of market close Tokyo time, while the Nikkei advanced 0.6% to 27,915.89. Daiichi Sankyo Co. contributed the most to the Topix gain, increasing 3.7%.

Foreign investors are returning to emerging Asian equities after several weeks of outflows, data compiled by Bloomberg show. Weekly inflows for Asian stock markets excluding Japan and China climbed to almost $2.7 billion last week, the most since February. Asian stocks have been outperforming their US counterparts over the past few weeks, with the MSCI regional benchmark up 5.7% since May 13, more than double the gains in the S&P 500. Stock markets in South Korea, New Zealand and Malaysia were closed on Monday

Stocks in India dropped amid concerns over inflation as the Reserve Bank of India’s interest rate setting panel starts a three-day policy meeting.  The S&P BSE Sensex fell 0.2% to 55,675.32 in Mumbai, while the NSE Nifty 50 Index declined 0.1%. Ten of the 19 sector sub-gauges managed by BSE Ltd. slid, led by an index of realty companies. Makers of consumer discretionary goods were also among the worst performers.  “The market has been exercising caution ahead of the credit policy announcement this week, and hence investors trimmed their position in rate-sensitive sectors such as realty,” according to Kotak Securities analyst Shrikant Chouhan.  The yield on the benchmark 10-year government bond rose to its highest level since 2019 on Monday amid a surge in crude prices and ahead of the RBI’s rate decision on Wednesday. Reliance Industries contributed the most to the Sensex’s decline, decreasing 0.5%. Out of 30 shares in the Sensex index, 9 rose and 21 fell.

In Australia, the S&P/ASX 200 index fell 0.5% to close at 7,206.30 after a strong US jobs report reinforced bets for aggressive Fed tightening. The RBA is also expected to lift rates on Tuesday, with the key debate centering on the size of the move. Read: Australia Set for Back-to-Back Rate Hikes Amid Split on Size Magellan was the worst performer after its funds under management for May declined 5.2% m/m. Tabcorp climbed after settling legal proceedings with Racing Queensland. In New Zealand, the market was closed for a holiday

In FX, the dollar fell against its Group-of-10 peers as hopes for a recovery in China’s economy damped demand for the haven currency. The Bloomberg Dollar Spot Index fell 0.3% after posting a weekly gain on Friday. China’s equity index jumped after Beijing rolled back Covid-19 restrictions and received a further boost after a report that a ban on Didi adding new users may be lifted. “Further lifting of restrictions in Beijing helped Chinese equities, which spilled over into Europe with risk more ‘on’ than ‘off’,” Societe Generale strategist Kit Juckes wrote in a note to clients. “The dollar is once again on the back foot.” USD/JPY dropped 0.1% to 130.73. It touched 130.99 earlier, inching closer to the 131.35 reached last month, which was the highest since April 2002.  “Dollar-yen is being sold for profit-taking because we don’t have enough catalysts to break 131.35,” said Juntaro Morimoto, a currency analyst at Sony Financial Group Inc. in Tokyo. But, should US inflation data due this week be higher than estimated, it will see dollar-yen break 131.35.

In rates, Treasuries, though off session lows, remained under pressure as S&P 500 futures recover a portion of Friday’s loss. 10-year TSY yields rose 1bp to 2.95%, extending the streak of advances to five days, the longest in eight weeks; UK 10-year yield underperformed, jumping 6bps to 2.21% after domestic markets were closed Thursday and Friday for a holiday. US auctions resume this week beginning Tuesday, while May CPI report Friday is the main economic event. IG dollar issuance slate includes Tokyo Metropolitan Govt 3Y SOFR; this week’s issuance slate expected to be at least $25b. Three- month dollar Libor +3.90bp to 1.66500%. Bund, Treasury and gilt curves all bear-flatten, gilts underperform by about 2bps at the 10-year mark. Peripheral spreads tighten to Germany.

In commodities, WTI crude futures hover below $120 after Saudis raised oil prices for Asia more than expected. Spot gold is little changed at $1,851/oz. Spot silver gains 1.5% near $22. Most base metals trade in the green; LME nickel rises 5.4%, outperforming peers. LME tin lags, dropping 0.7%.

There is no major economic data on the US calendar.

Market Snapshot

  • S&P 500 futures up 1.1% to 4,152.50
  • STOXX Europe 600 up 0.9% to 443.90
  • MXAP up 0.6% to 169.12
  • MXAPJ up 0.8% to 558.02
  • Nikkei up 0.6% to 27,915.89
  • Topix up 0.3% to 1,939.11
  • Hang Seng Index up 2.7% to 21,653.90
  • Shanghai Composite up 1.3% to 3,236.37
  • Sensex little changed at 55,772.44
  • Australia S&P/ASX 200 down 0.4% to 7,206.28
  • Kospi up 0.4% to 2,670.65
  • German 10Y yield little changed at 1.29%
  • Euro up 0.2% to $1.0742
  • Brent Futures up 0.5% to $120.28/bbl
  • Gold spot up 0.0% to $1,851.93
  • U.S. Dollar Index down 0.22% to 101.92

Top Overnight News from Bloomberg

  • Boris Johnson will face a leadership vote in his ruling Conservative Party on Monday following a series of scandals, including becoming the first sitting prime minister found to have broken the law.
  • Chinese regulators are concluding probes into Didi and two other US-listed tech firms, preparing as early as this week to lift a ban on their adding new users, the Wall Street Journal reported, citing people familiar with the matter.
  • The European Central Bank is set to strengthen commitment to support vulnerable euro-area debt markets if they are hit by a selloff, the Financial Times reported, citing unidentified people involved in the discussions.

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks traded mixed following last Friday’s post-NFP losses on Wall St and ahead of this week’s global risk events – including central bank meetings and US inflation data, while participants also digested the latest Chinese Caixin PMI figures and the North Korean missile launches. ASX 200 was pressured by weakness in tech and mining, with sentiment not helped by frictions with China. Nikkei 225 pared early losses but with upside limited by geopolitical concerns after North Korean provocations. Hang Seng and Shanghai Comp. were encouraged by the easing of COVID restrictions in Beijing, while the Chinese Caixin Services and Composite PMI data improved from the prior month but remained in contraction. Sony Group (6758 JT) said its planned EV JV with Honda Motor (7267 JT) may hold a public share offering, according to Nikkei.

Top Asian News

  • China’s Beijing will continue to roll back its COVID-19 restrictions on Monday including allowing indoor dining and public transport to resume in most districts aside from Fengtai and some parts of Changping, according to Reuters and Bloomberg. Furthermore, a China health official called for more targeted COVID control efforts and warned against arbitrary restrictions for COVID, while an official also said that Jilin and Liaoning should stop the spread of COVID at the border.
  • Australia accused China of intercepting a surveillance plane and said that a Chinese military jet conducted a dangerous manoeuvre during routine surveillance by an Australian plane over international waters on May 26th, according to FT.
  • BoJ Governor Kuroda said Japan is absolutely not in a situation that warrants tightening monetary policy and the BoJ’s biggest priority is to support Japan’s economy by continuing with powerful monetary easing, while he added Japan does not face a trade-off between economic and price stability, so can continue to stimulate demand with monetary policy, according to Reuters.

European bourses are firmer on the session, Euro Stoxx 50 +1.3%, with newsflow thin and participants reacting to China’s incremental COVID/data developments during reduced trade for Pentecost. Stateside, futures are bid to a similar extent in a paring of the post-NFP pressure on Friday, ES +1.0%, with no Tier 1 events for the region scheduled today and attention very much on inflation data due later. Chinese regulators intend to conclude the DiDi (DIDI) cybersecurity probe, and remove the ban on new users, via WSJ citing sources; could occur as soon as this week. DIDI +50% in pre-market trade

Top European News

  • Most of the ECB governing council members are expect to back proposals to create a bond-purchase programme to buy stressed government debt, such as Italy, according to sources cited by the FT.
  • Confidence vote in UK PM Johnson to occur between 18:00-20:00BST today, results to be immediately counted, announcement time TBC.
  • London’s Heathrow Airport ordered carriers to limit ticket sales for flights until July 3rd to maintain safety amid understaffing and overcrowding, according to The Times.
  • French Finance Minister Le Maire expects positive economic growth this year although will revise economic forecasts in July, according to Reuters.
  • EU Commissioner Gentiloni said he aims to propose reform for the EU stability pact after summer which could envisage a specific debt/GDP target for each country, while he added that Italy should show commitment to keeping public debt under control and needs to avoid increasing current spending in a permanent way, according to Reuters.

FX

  • Pound perky on return from long Platinum Jubilee holiday weekend as UK yields gap up in catch up trade and Sterling awaits fate of PM; Cable above 1.2550 to probe 10 DMA, EUR/GBP tests 0.8550 from the high 0.8500 area.
  • Dollar eases off post-NFP peaks as broad risk sentiment improves and DXY loses 102.000+ status.
  • Kiwi lofty as NZ celebrates Queen’s birthday and Aussie lags ahead of RBA awaiting a hike, but unsure what size; NZD/AUD above 0.6525, AUD/USD sub-0.7125 and AUD/NZD cross closer to 1.1050 than 1.1100.
  • Euro firmer amidst further declines in EGBs, bar Italian BTPs, eyeing ECB policy meeting and potential news on a tool to curb bond spreads, EUR/USD nearer 1.0750 than 1.0700.
  • Loonie underpinned by rise in WTI after crude price increases from Saudi Arabia, but Lira extends losses irrespective of CBRT lifting collateral requirements for inflation linked securities and Government bonds; USD/CAD under 1.2600, USD/TRY not far from 16.6000.

Fixed income

  • Gilts hit hard in catch-up trade, but contain losses to 10 ticks under 115.00 awaiting the outcome of no confidence vote in PM Johnson
  • Bunds underperform BTPs ahead of ECB on Thursday amidst reports that a new bond-buying scheme to cap borrowing costs may be forthcoming; 10 year German bond down to 149.59 at worst, Italian peer up to 123.15 at best
  • US Treasuries relatively flat in post-NFP aftermath and ahead of low-key Monday agenda comprising just employment trends

Commodities

  • Crude benchmarks are bid by just shy of USD 1.00/bbl; though, overall action is contained amid limited developments and two-way factors influencing throughout the morning.
  • Saudi Aramco increased its prices to Asia for July with the light crude premium raised to USD 6.50/bbl from USD 4.40/bbl vs Oman/Dubai, while it raised the premium to North West Europe to USD 4.30/bbl from USD 2.10/bbl vs ICE Brent but maintained premiums to the US unchanged from the prior month.
  • Oman announced new oil discoveries that will increase output by 50k-100k bpd in the next 2-3 years, while it noted that its crude reserves stand at 5.2bln bbls and gas reserves are at around 24tln cubic feet, according to the state news agency citing the energy and minerals minister.
  • Libya’s El Sharara oil field resumed production at around 180k bpd after having been shut by protests for more than six weeks, according to Argus.
  • French Finance Minister Le Maire said that France is in discussions with the UAE to replace Russian oil supplies, according to Reuters.
  • US will permit Italy’s Eni and Spain’s Repsol to begin shipping oil from Venezuela to Europe as early as next month to replace Russian crude, according to Reuters citing sources familiar with the matter.
  • Austria released strategic fuel reserves to cover for loss of production at a key refinery due to a mechanical incident, according to Reuters.
  • Indonesia will adjust its palm oil export levy with the regulations that will outline the changes expected soon, according to a senior official in the economy ministry cited by Reuters.
  • Turkish presidential spokesman Kalin said deliveries of Ukrainian grain via the Black Sea and through the area of the strait could begin in the near future, according to TASS citing an interview with Anadolu news agency.

US Event Calendar

  • Nothing major scheduled

DB’s Jim Reid concludes the overnight wrap

Later this morning, I will be publishing the 24th Annual Default Study entitled “The end of the ultra-low default world?”. Please keep an eye out for it but I won’t let you miss it in the EMR and CoTD over the next few days!

For those in the UK, I hope you had a good four-day weekend. We went to two big parties and my digestive system and liver need a rest. Well, until my upcoming birthday this weekend!. One of the parties had a converted VW campervan with 5 or 6 self-service drinks taps on the outside of which one was filled with ice cold Prosecco. Thankfully the Queen doesn’t have a 70-year Jubilee very often!

The fun and games in markets this week are heavily back ended as an ECB meeting on Thursday is followed by US CPI on Friday. The rest of the week is scattered with production and trade balance data, while Chinese aggregate financing data is expected at some point. The Fed are now on their pre-FOMC blackout so the attention will be firmly on the ECB this week.

So let’s preview the two main events. For the ECB, our European economists believe the ECB will confirm that APP net purchases will cease at the end of the month, paving the way for policy rate lift-off at the July meeting. Our economists believe the ECB will have to hike rates by 50 basis points at either the July or September meeting, with the risks skewed toward the latter, to accelerate the policy hiking cycle in light of growing inflationary pressures. Our economists also believe that hiking cycle will ultimately reach a 2 percent terminal rate next summer, some 50 basis points into restrictive territory. As prelude, next week watch for the staff’s forecast to upgrade inflation to 2 percent in 2024, satisfying the criteria for lift-off. With all three lift-off conditions met, expect the statement language to upgrade rate guidance for the path of the hiking cycle. Meanwhile, the June meeting should also bring about the expiration of the TLTRO discount.

There are two interesting things for the ECB to consider at the extreme end of the spectrum at the moment. Firstly German wages seem to be going higher. In a note on Friday, DB’s Stefan Schneider (link here) updated earlier work on domestic wage pressures by highlighting that on Thursday night, the 700k professional cleaners in the country achieved a 10.9% pay rise. In addition, with the nationwide minimum wage legalisation voted through on Friday, the lowest paid in this group will get a +12.6% rise from October.

At the other end of the spectrum 10yr Italian BTPs hit 3.40% on Friday, up from 1.12% at the start of the year and as low as 2.85% intra-day the preceding Friday. We’re confident that the ECB will create tools to deal with Italy’s funding issues, but it is more likely to be reactive than proactive to ensure legal barriers to intervene are not crossed. However, the nightmare scenario we’ve all been hypothetically thinking about for years, if not decades, is here. Runaway German inflation at the same time as soaring Italian yields. The good news is that this should bring a lot more targeted intervention and a better-balanced policy response than in the last decade where negative rates and blanket QE was a one size fits all policy. High inflation will force the ECB to hike rates while managing the fall out on a more bespoke basis. It won’t be easy, but it will likely be better balanced.

Following on from the ECB, the next day brings the US CPI data. Month-over-month CPI is expected to accelerate to 0.7% from last month’s 0.3% reading. The core measure stripping out food and energy is expected to print at 0.5%. Those figures would translate to 8.3% and 5.9% for the year-over-year measures, respectively (from 8.3% and 6.2% last month). The Fed policy path for the next two meetings appears to be locked in to 50 basis point hikes, but Fed officials have highlighted the importance of inflation readings to determine the path of policy thereafter. There is a growing consensus that month-over-month inflation readings will have to decelerate in order to slow hikes to 25 basis points come September. Some Fed officials are still considering ramping the pace up to 75 basis points if inflation doesn’t improve. None appear to be considering zero policy action in September. Elsewhere, data will highlight production figures and the impact of the nascent tightening of financial conditions, with PMI, PPI, and industrial production figures due from a number of jurisdictions.

Asian equity markets have overcame initial weakness this morning and are moving higher as I type. Across the region, the Hang Seng (+1.14%) is leading gains due to a rally in Chinese listed tech stocks. Additionally, the Shanghai Composite (+1.01%) and CSI (+1.06%) are also trading up after markets resumed trading following a holiday on Friday. The easing of Covid-19 restrictions in Beijing is helping to offset a miss in China’s Caixin Services PMI for May. It came in at 41.4 (vs. 46.0 expected), up from 36.2 last month. Elsewhere, the Nikkei (+0.30%) is also up while markets in South Korea are closed for a holiday.

Outside of Asia, US stock futures have been steadily climbing in the last couple of hours before finishing this with contracts on the S&P 500 (+0.55%) and NASDAQ 100 (+0.65%) both in the green. US Treasuries are ever so slightly higher in yield.

Recapping last week now and a renewed sense that global central banks would have to tighten policy more than was priced in given historic inflation drove yields higher and equity markets lower over the past week. This reversed a few weeks where market hike pricing had reversed.

This move was driven by a series of inflationary data but also came right from the source, as Fed and ECB speakers sounded a hawkish tone ahead of their respective meetings in June. Elsewhere, OPEC+ met and agreed to expand daily production, which was followed by reports that President Biden would visit the Crown Prince in Saudi Arabia.

Peeling back the covers. A series of ECB speakers openly considered the merits of +50bp hikes in light of growing inflation prints, as core Euro Area CPI rose to a record high, while German inflation hit figures not seen since the 1950s. In turn, 2yr bund yields climbed +30.9bps (+3.0bps Friday), and the week ended with +122bps of tightening priced in through 2022, the highest to date and implies some hikes of at least +50bps. A reminder that our Europe economists updated their ECB call to at least one +50bp hike in either July or September; full preview of that call and next week’s ECB meeting here.

Yields farther out the curve increased as well, including 10yr bunds (+31.0bps, +3.6bps Friday), OATs (+32.3bps, +4.2bps Friday), and gilts (+23.8bps, +5.4bps Friday) on their holiday-shortened week. Italian BTP 10yr spreads ended the week at their widest spread since the onset of Covid at 212bps. The tighter expected policy weighed on risk sentiment, sending the STOXX 600 -0.87% lower over the week (-0.26% Friday).

It was a similar story in the US, where a march of Fed officials, led by Vice Chair Brainard herself, again signed on for +50bp hikes at the next two meetings, and crucially, ruling out anything less than a +25bp hike in September. It appeared there was growing consensus on the Committee to size the September hike between +25bp and +50bps based on how month-over-month inflation evolves between now and then, with clear evidence of deceleration needed to slow the pace of hikes. The May CPI data will come this Friday but last week had a series of labour market prints that showed the employment picture remained white hot, capped on Friday with nonfarm payrolls increasing +390k and above expectations of +318k. Meanwhile, average hourly earnings maintained its +0.3% month-over-month pace.

Treasury yields thus sold off over the week, with 2yr yields gaining +17.9bps (+2.5bps Friday) and 10yr yields up +20.1bps (+3.1bps Friday). The implied fed funds rate by the end of 2022 ended the week at 2.82%, its highest in two weeks, while the probability of a +50bp September hike ended the week at 66.3%, its highest in a month. The S&P 500 tumbled -1.20% (-1.63% Friday), meaning its run of weekly gains will end at a streak of one. Tech and mega-cap stocks fared better, with the NASDAQ losing -0.98% (-2.47% Friday) and the FANG+ fell -0.30% (-3.76% Friday).

Elsewhere OPEC+ agreed to increase their production to +648k bls/day, after a steady flow of reports leaked that the cartel was considering such a move. Nevertheless, futures prices increased around +1.5% (+3.10% Friday) over the week, as it was not clear whether every member had the spare capacity to increase production to the new putative target, while easing Covid restrictions in China helped increase perceived demand. The OPEC+ announcement was closely followed by reports that President Biden would visit the Crown Prince in Saudi Arabia.

end

3. ASIAN AFFAIRS

i)MONDAY MORNING// SUNDAY NIGHT 

SHANGHAI CLOSED UP 40.91 PTS OR 1.28%   //Hang Sang CLOSED UP 571.79 PTS OR 2.71%    /The Nikkei closed UP 154.32 OR 0.56%          //Australia’s all ordinaires CLOSED DOWN .54%%   /Chinese yuan (ONSHORE) closed UP 6,6401    /Oil UP TO  119.30dollars per barrel for WTI and UP TO 120.08 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6401 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6389: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER/

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA/

3B  JAPAN

end

3c CHINA

4/EUROPEAN AFFAIRS//UK AFFAIRS/

this could be very dangerous for Germany: a potential dockworker strike

(zerohedge)

Potential Dockworker Strike Could Unleash “Super Meltdown” At German Port Of Hamburg

SATURDAY, JUN 04, 2022 – 07:35 AM

Dozens of container ships are piling up outside Germany’s largest seaport by volume, known as the Port of Hamburg. It’s the third busiest port in Europe and the 15th largest globally and could be plunged into chaos next week as dockworkers may strike. 

German newspaper Die Welt reports congestion at Hamburg is worsening, and container ships have to wait two weeks before entering the port. 

“The waiting times are unsatisfactory,” a spokesman for shipping company Hapag-Lloyd said, referring to Hamburg. 

Hamburger Hafen und Logistik AG (HHLA), a top European port and transport logistics company, said the reason for increasing congestion is a slowdown in the processing of containers, especially imports from the Far East not being transported fast enough by truck and train. 

Besides congestion, Kiel Institute for Economic Research estimates that around 2% of the global container load is stuck at the port. There are also mounting concerns dockworkers could be ready to strike. 

“There could be additional problems from next Tuesday. Many reckon that dockers could then go on strike in order to increase the pressure on the ongoing wage negotiations. The next round of negotiations is scheduled for June 10, but the peace obligation has already expired,” Die Welt said. 

According to the Verdi services union, the strike could begin next Tuesday. The last time strikes hit Hamburg was in the late 1970s, a period when the world suffered from disastrous stagflation, similar to the economic climate today. 

A shipowner told the German newspaper Hamburger Abendblatt: “If it comes to that, we’ll have a super meltdown in Hamburg.”

The timing of the proposed strike by dockworkers comes as consumer prices in Europe’s largest economy surged 8.7% YoY last month (the highest since the start of the monthly statistics in 1963). 

The squeeze for households is far from over as consumers pay record prices for fuel and food and power bills. Inflation is only getting worse for households as the country could be on the verge of a recession. 

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

Russia limits the export of noble gases like Neon

(zerohedge)

Russia Hits Hobbled Chip Market, Limiting Export Of Noble Gases

FRIDAY, JUN 03, 2022 – 08:00 PM

In the latest salvo in an expanding world trade war, sanctions-battered Russia has announced it will limit the export of noble gases, a key ingredient in the manufacture of semiconductor chips. 

Through Dec. 31, any export of those gases will require special permission from the Russian government. According to Russia’s trade ministry, Russia accounts for nearly a third of the world’s supply of three such gases—neon, krypton and xenon.  

“We believe that we will have an opportunity to be heard in this global chain, and this will give us some competitive advantage if it is necessary to build mutually beneficial negotiations with our colleagues,” Russian deputy trade minister Vasily Shpak told Reuters on Thursday.

The Ukraine war has already taken a toll on the supply of noble gases. Via two companies—Ingas and Cryoin—Ukraine itself supplies half the world’s neon. Both companies shut down in March. Neon is used in lasers during lithography, a part of the chipmaking process where patterns are carved into silicon. 

The Russian move promises to prolong a worldwide semiconductor supply crisis that’s already wreaking havoc for a wide swath of industries that use the increasingly ubiquitous chips.   

Speaking on Tuesday—before Russia’s announcement—U.S. Commerce secretary Gina Raimondo, citing conversations with chipmaker CEOs, warned the shortage was likely to last “deep into 2023, possibly early ’24 before we see any real relief.” 

Russia’s import of finished semiconductors has been severely pinched by sanctions in the wake of the country’s Feb. 24 invasion of Ukraine. According to the Financial Times

Most of the world’s largest chip manufacturers, including Intel, Samsung, TSMC and Qualcomm, have halted business to Russia entirely after the US, UK, and Europe imposed export controls on products using chips made or designed in the US or Europe.

Taiwan—the top producer of chips in general and 92% of the most advanced ones —has also limited exports to Russia.

Russia’s Shpak said the limit on Russian noble gas exports would serve as an opportunity to “rearrange those chains that have now been broken and build new ones.” 

In addition to choking Russia’s access to foreign chips, the U.S. government has attacked Russia’s own chip industry: On March 31, the Treasury announced sanctions against Mikron, Russia’s top producer.

Despite having chip manufacturers of its own, Russia is heavily dependent on imports to meet its needs. Meanwhile, the general worldwide shortage of the product means that even attempts by Russia to circumvent sanctions via “gray market” supply chains can’t be very fruitful. 

“We plan to increase our production capacity (of noble gases) in the near future,” said Shpak. However, he tied that aspiration to “successful” trade negotiations with other countries and, implicitly, an easing of sanctions on Russia.

end

ISRAEL

a game changer:

Israel’s “Iron Beam” Laser Shield Zaps Threats Out Of Sky

SATURDAY, JUN 04, 2022 – 09:00 PM

With Israel facing an increasing threat of a barrage of enemy rockets as well as war with Iran, the Jewish state has developed a working prototype high-powered laser system known as “Iron Beam” to intercept aerial targets, such as mortars, rockets, and anti-tank missiles, and drones, bringing down the cost of interception from tens of thousands of dollars to cheaper than a McDonald’s Big Mac.

Reuters reports the laser-based air defense system is in prototype form and has been successfully tested in Israel’s South by the Defense Ministry’s Directorate of Research and Development and Rafael Advanced Defense Systems. 

On Wednesday, Prime Minister Naftali Bennett commented on the Iron Beam, calling it “a game-changer, not just because we are striking at the enemy military, but also because we are bankrupting it.” 

“Until today, it cost us a lot of money to intercept each rocket. Today they (the enemy) can invest tens of thousands of dollars in a rocket and we will invest $2 on the electricity for intercepting that rocket,” Bennett continued.

Palestinian and Lebanese forces have launched thousands of rockets and mortars into Israel, costing the government tens of millions of dollars in interception costs. Each Iron Dome interceptor missile around $50,000. 

Fielding Iron Beam could be several years away — and is a move to modernize forces with laser weapons that appear to be from a science-fiction movie. 

“There is a lot of promising laser work going on,” Thomas Karako, a senior fellow at the Center for Strategic and International Studies in Washington, told NYTimes. “This isn’t ‘Star Wars’ science fiction anymore.” 

For years the US Army has been working on lasers. The service is reportedly working on a laser weapon system that’s a “million times stronger” than anything ever used before, able to fire bullet-like pulses of light to vaporize drones, cruise missiles, and mortars.

Countries developing laser weapons have one goal: bringing down the cost per round of costly interceptor missiles. 

END

RUSSIA/TURKEY/THE GLOBE

Turkey, Russia Agree To De-Mining Operation In Ukrainian Ports To Erect ‘Grain Corridor’

MONDAY, JUN 06, 2022 – 02:05 PM

For days the United Nations has been in (so far unsuccessful) talks on cobbling together an agreement on plans to unblock Black Sea grain exports from Ukrainian ports, including controversial discussions with Russia, which has stood accused of ‘weaponizing’ global food supply with its military blockade of key ports. Moscow has in turn charged that Ukraine said ports, making tanker traffic impossible, while also saying the West must ease sanctions if it hopes to get crucial grain exports flowing again.

UN officials have said President Vladimir Putin’s offer to lift the blockade if sanctions are dropped is “complicating” the already “fragile” negotiations. Washington has been watching with skepticism: “The bottom line is that, apart from leveraging overland routes, we need to get the ports back up and running so we can boost food supplies for those most in need,” a State Department spokesperson said in weekend comments.

Russia has reportedly reached an agreement with Turkey to erect a de-mined ‘grain corridor’ which would provide safe passage to Ukrainian grain cargo ships out of the Black Sea port of Odessa via joint military escorts. 

Turkish media source Daily Sabah is reporting the following on Monday:

Russian government plans to allow ships carrying grain supplies to leave the port of Odessa in Ukraine, according to a report, easing a blockade that has triggered fears of widespread shortages and hunger.

The Russian leadership has agreed with Kyiv and Ankara on a scheme to release grain shipments from Odessa, which has been subject to a blockade, the pro-government Izvestia reported, citing government circles.

“In the territorial waters of the neighboring country, Turkish military forces will take over the demining and they will also escort the ships as far as neutral waters,” Monday’s report said.

Russian warships would then escort the vessels carrying grain to the Bosporus.

Russian Foreign Minister Sergey Lavrov previously told reporters the following in recent a press conference, according to Yahoo News citing regional sources:

A conversation (between the Russian President Vladimir Putin) and President Erdoğan has resulted in an agreement that our Turkish colleagues will try to help to organize the demining of Ukrainian seaports in order to release ships which were technically taken hostage together with cargo needed in developing countries.

It’s as yet unclear if the Ukrainian side has actually signed onto the reported deal, or whether it was involved in negotiating or possibly had its interests represented by Turkey in any way.

The report continues: “Lavrov said this agreement stipulates that Ukraine will not use the demining process to strengthen its military capability and will not disrupt the Russian navy.”

This agreement which is being reported from the Russian side appears to have taken place outside of UN channels, and it’s uncertain how it will be received in the West, given that recently the UK and some European backers of Ukraine have floated their own plans for a ‘safe corridor’ established by an international naval escort. Russia has of course rejected these offers to Ukraine of Western naval escorts.

Turkey would have to approve any potential final agreed upon international plan, given that it controls passage of foreign ships through the Dardanelles and Bosporus straits based on the Montreux Convention.

The wording of the Kremlin statement announcing the possible Russia-Turkey demining plan is interesting given it accuses Ukraine of holding commercial shipping “hostage”.

Ukraine for its part has charged Russia with stealing and then selling off vital Ukrainian grain while holding the global food supply hostage, and blackmailing world powers for the sake of sanctions relief.

However, one analyst was cited in The NY Times as saying of the hard-hit African continent which remains very heavily dependent on Ukrainian grain exports, “Africans don’t care where they get their food from, and if someone is going to moralize about that, they are mistaken.”

END

Ukraine update

Inbox

Robert Hryniak3:14 PM (26 minutes ago)
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6//GLOBAL COVID ISSUES/VACCINE MANDATE

GLOBAL ISSUES/SUPPLY CHAINS

Robert Hryniak10:55 AM (11 minutes ago)
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I often write about the fallacy of direct war in this modern age as a useful means to accomplish goals or advance ideology. This writing by Hudson is worth understanding and reflection because it defines what will be coming forth in months ahead and affect the lives of each of us, no matter where we live or work or play.

In reading this, you will come to realize that Ukraine is only a sad side show as a proxy conflict and a catalyst for change in a much bigger game of hegemony where the stakes are huge and losses great with a fallout for some nations that is catastrophic. As direct nuclear war leaves no winners only losers hybrid war is fought for hegemony. 

Our immediate to mid term future will be molded by the events Hudson describes. And as i wrote the other day famine and desperation for energy is being baked in for Europe to point that soon a retreat from this disaster will run out of time. But it will not end in Europe as the “global south” is engaged. The end result is that what has been unleashed will change everyone’s position and confidence in governments globally will decline, with some suffering more than others as social upheavals take place. This  too is not unavoidable, and it is only real leadership short in supply that can blunt some of the pain headed towards the world’s population. Because it does not matter where you are or choose to be, no one will escape the changes and impact underway. 

Is US/NATO (with WEF help) pushing for a Global South famine?

2109 ViewsJune 06, 2022 1 Comment

By Michael Hudson and posted with the author’s permission

Is the proxy war in Ukraine turning out to be only a lead-up to something larger, involving world famine and a foreign-exchange crisis for food- and oil-deficit countries?

Many more people are likely to die of famine and economic disruption than on the Ukrainian battlefield. It thus is appropriate to ask whether what appeared to be the Ukraine proxy war is part of a larger strategy to lock in U.S. control over international trade and payments. We are seeing a financially weaponized power grab by the U.S. Dollar Area over the Global South as well as over Western Europe. Without dollar credit from the United States and its IMF subsidiary, how can countries stay afloat? How hard will the U.S. act to block them from de-dollarizing, opting out of the U.S. economic orbit?

U.S. Cold War strategy is not alone in thinking how to benefit from provoking a famine, oil and balance-of-payments crisis. Klaus Schwab’s World Economic Forum worries that the world is overpopulated – at least with the “wrong kind” of people. As Microsoft philanthropist (the customary euphemism for rentier monopolist) Bill Gates has explained: “Population growth in Africa is a challenge.” His lobbying foundation’s 2018 “Goalkeepers” report warned: “According to U.N. data, Africa is expected to account for more than half of the world’s population growth between 2015 and 2050. Its population is projected to double by 2050,” with “more than 40 percent of world’s extremely poor people … in just two countries: Democratic Republic of the Congo and Nigeria.”[1]

Gates advocates cutting this projected population increase by 30 percent by improving access to birth control and expanding education to “enable more girls and women to stay in school longer, have children later.” But how can that be afforded with this summer’s looming food and oil squeeze on government budgets?

South Americans and some Asian countries are subject to the same jump in import prices resulting from NATO’s demands to isolate Russia. JPMorgan Chase head Jamie Dimon recently warned attendees at a Wall Street investor conference that the sanctions will cause a global “economic hurricane.”[2] He echoed the warning by IMF Managing Director Kristalina Georgieva in April that, “To put it simply: we are facing a crisis on top of a crisis.” Pointing out that the Covid pandemic has been capped by inflation as the war in Ukraine has made matters “much worse, and threatens to further increase inequality” she concluded that: “The economic consequences from the war spread fast and far, to neighbors and beyond, hitting hardest the world’s most vulnerable people. Hundreds of millions of families were already struggling with lower incomes and higher energy and food prices.”[3]

The Biden administration blames Russia for “unprovoked aggression.” But it is his administration’s pressure on NATO and other Dollar Area satellites that has blocked Russian exports of grain, oil and gas. But many oil- and food-deficit countries see themselves as the primary victims of “collateral damage” caused by US/NATO pressure.

Is world famine and balance-of-payments crisis a deliberate US/NATO policy? 

On June 3, African Union Chairperson Macky Sall, President of Senegal, went to Moscow to plan how to avoid a disruption in Africa’s food and oil trade by refusing to become pawns in the US/NATO sanctions. So far in 2022, President Putin noted: “Our trade is growing. In the first months of this year it grew by 34 percent.”[4] But Senegal’s President Sall worried that: “Anti-Russia sanctions have made this situation worse and now we do not have access to grain from Russia, primarily to wheat. And, most importantly, we do not have access to fertilizer.”

U.S. diplomats are forcing countries to choose whether, in George W. Bush’s words, “you are either for us or against us.” The litmus test is whether they are willing to force their populations to starve and shut down their economies for lack of food and oil by stopping trade with the world’s Eurasian core of China, Russia, India, Iran and their neighbors.

Mainstream Western media describe the logic behind these sanctions as promoting a regime change in Russia. The hope was that blocking it from selling its oil and gas, food or other exports would drive down the ruble’s exchange rate and “make Russia scream” (as the U.S. tried to do to Allende’s Chile to set the stage for is backing of the Pinochet military coup). Exclusion from the SWIFT bank-clearing system was supposed to disrupt Russia’s payment system and sales, while seizing Russia’s $300 billion om foreign-currency reserves held in the West was expected to collapse the ruble, preventing Russian consumers from buying the Western goods to which they had become accustomed. The idea (and it seems so silly in retrospect) was that Russia’s population would rise in rebellion to protest against how much more Western luxury imports cost. But the ruble soared rather than sunk, and Russia quickly replaced SWIFT with its own system linked to that of China. And Russia’s population began to turn away from the West’s aggressive enmity.

Evidently some major dimensions are missing from the U.S. national-security think-tank models. But when it comes to global famine, was a more covert and even lager strategy at work? It is now looking like the major aim of the U.S. war in Ukraine all along was merely to serve as a catalyst, an excuse to impose sanctions that would disrupt the world’s food and energy trade, and to manage this crisis in a way that would afford U.S. diplomats an opportunity to confront Global South countries with the choice “Your loyalty and neoliberal dependency or your life – and, in the process, to “thin out” the world’s non-white populations that so worried Mr. Dimon and the WEF?

There must have been the following calculation: Russia accounts for 40% of the world’s grain trade and 25 percent of the world fertilizer market (45 percent if Belarus is included). Any scenario would have included a calculation that if so large a volume of grain and fertilizer was withdrawn from the market, prices would soar, just as they have done for oil and gas.

Adding to the disruption in the balance-of-payments of countries having to import these commodities, the price is rising for buying dollars to pay their foreign bondholders and banks for debts falling due. The Federal Reserve’s tightening of interest rates has caused a rising premium for U.S. dollars over euros, sterling and Global South currencies.

It is inconceivable that the consequences of this on countries outside of Europe and the United States were not taken into account, because the global economy is an interconnected system. Most disruptions are in the 2 to 5 percent range, but today’s US/NATO sanctions are so far off the historical track that price increases will soar substantially above the historic range. Nothing like this has happened in recent times.

This suggests that what appeared in February to be a war between Ukrainians and Russia is really a trigger intended to restructure the world economy – and to do so in a way to lock U.S. control over the Global South. Geopolitically, the proxy war in Ukraine has been a handy excuse for America’s to counter China’s Belt and Road Initiative (BRI).

The choice confronting Global South countries: to starve by paying their foreign bondholders and bankers, or to announce, as a basic principle of international law: “As sovereign countries, we put our survival above the aim of enriching foreign creditors who have made loans that have gone bad as a result of their choice to wage a new Cold War. As for the destructive neoliberal advice that the IMF and World Bank have given us, their austerity plans were destructive instead of helpful. Therefore, their loans have gone bad. As such, they have become odious.”

NATO policy has given Global South countries no choice but to reject its attempt to establish a U.S. food stranglehold on the Global South by blocking any competition from Russia, thereby monopolizing the world’s grain and energy trade. The major grain exporter was the heavily subsidized U.S. farm sector, followed by Europe’s highly subsidized Common Agricultural Policy (CAP). These were the main grain exporters before Russia entered the picture. The US/NATO demand is to roll back the clock to restore dependency on the Dollar Area and its eurozone satellites.

The implicit Russian and Chinese counterplan

What is needed for the world’s non-US/NATO population to survive is a new world trade and financial system. The alternative is world famine for much of the world. More people will die of the sanctions than have died on the Ukrainian battlefield. Financial and trade sanctions are as destructive as military attack. So the Global South is morally justified in putting its sovereign interests above those of the wielders of international financial and trade weaponry.

First, reject the sanctions and reorient trade to Russia, China, India, Iran and their fellow members of the Shanghai Cooperation Organization (SCO). The problem is how to pay for imports from these countries, especially if U.S. diplomats extend sanctions against such commerce.

There is no way that Global South countries can pay for oil, fertilizer and food from these countries and also pay the dollar debts that are the legacy of U.S.-sponsored neoliberal trade policy subject to U.S. and eurozone protectionism. Therefore, the second need is to declare a debt moratorium – in effect, a repudiation – of the debts that represent loans gone bad. This act would be analogous to the 1931 suspension of German reparations and Inter-Ally debts owed to the United States. Quite simply, today’s Global South debts cannot be paid without subjecting debtor countries to famine and austerity.

A third corollary that follows from these economic imperatives is to replace the World Bank and its pro-U.S. policies of trade dependency and underdevelopment with a genuine Bank for Economic Acceleration. Along with this institution is a fourth corollary in the form of the new bank’s sibling: a replacement for the IMF free of austerity junk economics and subsidy of America’s client oligarchies coupled with currency raids on countries resisting U.S. privatization and financialization takeovers.

The fifth requirement is for countries to protect themselves by joining a military alliance as an alternative to NATO, to avoid being turned into another Afghanistan, another Libya, another Iraq or Syria or Ukraine.

The main deterrent to this strategy is not U.S. power, for it has shown itself to be a paper tiger. The problem is one of economic consciousness and will.

  1. “Bill Gates has a warning about population growth,” World Economic Forum/Reuters, September 19, 2018. https://www.weforum.org/agenda/2018/09/africas-rapid-population-growth-puts-poverty-progress-at-risk-says-gates
  2. Lananh Nguyen, “‘It’s a hurricane.’ Bank chiefs warn of a weakening economy,” The New York Times, June 1, 2022. 
  3. Kristalina Georgieva, IMF Managing Director, “Facing Crisis Upon Crisis: How the World Can RespondApril 14, 2022. https://www.imf.org/en/News/Articles/2022/04/14/sp041422-curtain-raiser-sm2022
  4. “Putin meets with African Union Chairperson at Sochi, June 3, 2022.” President Sall was accompanied by Moussa Faki Mahamat, Chairperson of the African Union Commission. http://en.kremlin.ru/events/president/news/68564. For a elated discussion on the sanctions see https://www.nakedcapitalism.com/2022/06/sanctions-now-weapons-of-mass-starvation.html

Lumber Prices Crash 50% As Fed Tightens 

FRIDAY, JUN 03, 2022 – 08:40 PM

Lumber prices have been halved since the Federal Reserve embarked on its most aggressive interest rate tightening campaign in decades as the pandemic boom in housing slows.

Lumber contracts trading on the CME crashed to $653 per thousand board feet, down 51% from a high in late February of $1,336. The decline in wood prices occurred about two weeks before the Fed began hiking interest rates in mid-March. 

The Fed is expected to continue raising rates this summer. Interest rate probabilities show the Fed could hike by 50bps at three of the next FOMC meetings to suppress consumption and get inflation under control ahead of the midterm elections. However, that’s going to be a challenging task, which may cause a hard landing in the economy.

Fed Chair Jerome Powell’s pursuit of finding the neutral rate has already unleashed a rate shock in the housing market, with the 30-year fixed-rate mortgage shooting up more than 200bps this year, from 320 bps to 557 bps. This has crushed activity for refinancing houses (remodeling) and sent mortgage applications (home construction) plunging, a sign the housing market is cooling. 

Signs of a slowdown in construction are already materializing: “Buyers don’t have the same mentality of having to go out and buy 10 when they only need five,” Ash Boeckholt, co-founder and chief revenue officer at online wood-products marketplace MaterialsXchange, told WSJ

A monthly survey from John Burns Real Estate Consulting of building-products dealers shows only 12% had tight lumber inventories in April, down 61% from last year. Lumber is a leading indicator and suggests higher prices and soaring interest rates have helped fix shortages that were stoked during the pandemic lockdowns of easy money and robust demand for housing. 

Lumber is still double the price of the three-decade trend of $359. Matthew Saunders, who leads John Burns Real Estate Consulting, said that prices are expected to stay above pre-pandemic levels despite improving supply chains and falling demand for wood. 

“We believe that they will trade above long-term averages for the balance of the year. However, in the short term, lumber is down more than 50% from the most recent peak. The market is trying to determine where the new price equilibrium compared to slowing demand and increased supply,” Josh Goodman, vice president of inventory and purchasing at Sherwood Lumber, told GlobeSt.com. 

Another sign lumber demand is declining is directly from one of the largest wood producers in North America, Canfor Corp, who reduced operating schedules at sawmills in Western Canada. Since March, Canfor has operated sawmills at 80% of production capacity. 

On the retail side, traders and analysts have noticed slumping demand for lumber at Home Depot and Lowe’s as consumers shift away from home-improvement projects to spending money on vacations. 

The Fed will frontload interest rate hikes this summer which could pressure lumber prices even lower. Perhaps, if some readers have been waiting to build a deck or fence and didn’t want to pay crazy COVID prices, now could be the time to build (despite paying high labor costs). 

end

Reflection

Inbox

Robert Hryniak7:14 PM (2 minutes ago)
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Doing some calculations on the napkin suggested a looming problem not being addressed far worse than what comes in the financial markets over the likes of Evergrande and other such Chinese mirages of performance.
If you look at gas and oil reserves in Europe, now that we are in June, the is a distinct reality that Europe is quickly running out of time to react. Not withstanding the slow grind in the Ukraine, where it is undeniable the Russians will win regardless of the timeline. It does not matter what weapon systems are thrown in, without trained troops to use them, it will be a waste of time and needless loss of life as more lives are lost in vain and many cultural assets are destroyed, forever to be gone. And any plain use of NATO troops will mean a direct confrontation with Russia that no one wants or needs. And Americans will not come to die in Europe regardless of Neocon desires.
However, Western Europe will have a problem come winter because without adequate fuel and food, people will go hungry and people potentially will freeze. As it is millions will face severe constraints given rising costs of food and energy. Those most at risk are the elderly and 1st generation immigrants from North Africa and the Middle East. This is a explosive tinderbox that can ignite into social unrest of a proportion not seen since the 2nd war.
This reality suggests that whether you are in Europe now or visiting one should be prepared for this. Because it is no longer a maybe, it is unavoidable and only a question of how difficult it will be.

VACCINE INJURY

Dr. Geert Vanden Bossche and Dr. Paul Elias Alexander discuss the damage by the COVID vaccines in subverting the innate immune system in children; Geert provides informative background on vaccines

we could drive an infectious variant and a lethal/virulent one if this non-sterilizing, non-neutralizing sub-optimal vaccine continues

Dr. Paul AlexanderJun 4

In short, the COVID pandemic will never end, will last for 100 years if these vaccines are continued. They do not sterilize the virus and can be catastrophic by causing a more virulent variant to emerge.

The move by FDA to approve these mRNA injections is catastrophic and we have to stand firm and stop this. Must be rejected, our children will be harmed and many will die. None of these people can say deaths will not occur.

SOURCE:

Geert and Paul

END

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Damaged & weakened immune systems; the Fauci & Birx COVID lockdowns, school closures, shelter in place, masking may have irreparably damaged our children, weakened their immune systems (Alexander)

The immune systems (innate etc.) are being trained and developing and need to be taxed and tuned up daily confronting pathogen etc.; by closing schools and locking down, we harmed them

Dr. Paul AlexanderJun 3

You do not believe me? See recent hepatitis surge, see pediatric respiratory syncytial virus surge (RSV) surge, see monkeypox emergence etc. We, CDC and NIH with Fauci and Birx and Francis Collins and their insane lockdown lunacy may have done this!!!!!!!!!!!!!!!!!!!!!!!

I predict we are and will pay a dear price, we will see our children getting sick and maybe dying from illnesses they would normally be able to put down! Viruses and bacteria and pathogen their immune systems would usually deal with effectively will now be a tremendous challenge. Especially to our children. We needed them exposed and taxed and tuned up, not secluded in their basements, no school, no interactions. We will pay for this! Children needed to be in school among other kids with colds and runny noses. Its how their immune systems get trained. Also, by closing schools, we may have harmed granny in the home who depended on kids bringing home pathogen to be infected to then be boosted e.g. common cold coronaviruses, and thus would have strengthened them against COVID. It is upside down thinking but you sit back and think about it.

I will debate anyone on this. What Fauci and Birx and Francis Collins did with their fraudulent, unnecessary, illogical, irrational, unsound, unscientific lockdowns and school closures have harmed society, devastated our children who will pay socially, emotionally, and health wise for decades. I and Jeff Tucker have connected the mass shootings now (Buffalo and Texas Uvalde) to the ravages of the lockdowns, no doubt boiled up and made worse by the drug use, opioids, SSRIs, the dark internet web access that poisons the mind etc., the lack of fathers, the broken nuclear home, the isolation, the sense of belonging etc.

We devastated our children and may have damaged their immune systems. The masks, the hyper sanitized environments, the school closures have weakened our children. Masks are toxic and very dangerous to children and must not be worn by healthy children, none!

We have shown that all lockdowns, school closures, mask mandates, social distancing, business closures did nothing to curb transmission or death, just contributed to harms and deaths. Healthy people could not hold on and hung themselves. Children in the US hung themselves that the media would not cover. They were ravaged by the lockdowns.

We failed, the FDA, CDC, NIH, Fauci, Redfield, Walensky, Collins etc. to ensure proper cost-benefit analyses were conducted to assess the impact of these measures on immunity. Similar to how now cost effectiveness analyses were not done as to the vaccines.

Vaccine Impact



Michael Every//

Michael Every on the day’s most important topics

Rabo: Markets Refuse To See That The West Cannot Enjoy Its Flimsy Festering Fat Fiat Fiesta Forever

MONDAY, JUN 06, 2022 – 11:45 AM

By Michael Every at Rabobank

Payrolls, inflation, missiles – and the missing link

Friday’s payrolls were not quite what many in the market had wanted to see. Yes, they are backwards looking; are distorted by the infamous births-deaths model that has even less idea what to be doing right now than it usually does; and the broadest measures of unemployment like U-5 and U-6 are drifting upwards again. However, the headline number that most people think really matters was 390K vs. 318K expected and average hourly earnings were in line at 5.2% y-o-y. In short, there was nothing there to force the Fed to back off of what are now very public plans to hike 50bps in June, and July, and September, and then take it from there. (And perhaps have to take it even higher, with some talk of 3.5% as a terminal rate.)

So, higher rates look locked in. The problem is, so do higher energy prices.

Brent was at $121.36 in Asian trading this morning, and over the weekend the Saudis raised their selling prices for both Asia and Western Europe, while keeping it unchanged for the US. The White House will take that small win but is running through a playbook of (bad) ideas as to what to do next: kiss up to Venezuela, whose own oil industry is in ruins; to Iran, despite the rapidly-crumbling nuclear deal; or to the “pariah” Saudis, who keep underlining there is not a lot more they can do, especially regarding refining capacity, which would take 3-5 years to bring online if the US started today, which it’s not close to. It’s of course out of the question to kiss up to Russia.

How about China then? Even as the US continues to focus its national security energies on Beijing, President Biden is apparently considering lowering some tariffs on Chinese imports such as “household goods and bicycles”. Talk  about “On your bike!” Such a move would have a maximal impact on perceptions of US geopolitical weakness given China, like Russia, is aware it controls supply chains; it would have an impact on Congressional races in the November midterms (negatively for Democrats, regardless of how much Wall Street would love it); and it would have a minimal impact on inflation.

Yet CPI remains the key economic focus this week for both the White House (“How do we get inflation down without reversing our actions that helped to push it higher?”) and markets (“How do we get inflation down without reversing our actions that helped to push stocks higher?”  US CPI is out on Friday and is seen up another 0.7% m-o-m, so 8.4% annualised, and 8.3% y-o-y, even if the core measure is expected to edge down to 5.9% y-o-y from 6.2%.

Putin apparently remains fully convinced the West cannot deal with the suffering he is helping to cause, and its elites will crack under his foot-on-the-hose commodity pressure. Is he wrong? We already see tensions between France/Germany and Ukraine/the east of the EU. Some openly wonder how long the US will remain committed when there is a long road ahead.

Friday marked 100 days of the Ukraine war: the current trend suggests it will prove no more important a number than 10 did. Russia will keep going to achieve its geostrategic goals; Ukraine will fight to the bitter end; and the best Western observers underline even a pause would only end up with Russia coming back for more, involving more countries. Indeed, following new missile attacks on Kyiv aimed at newly-arrived military aid from the West, Russia’s Medvedev has warned if Western artillery are used against Russian territory then its armed forces “will have no other choice but to strike decision-making centres. It needs to be understood that the decision-making centres in this case are not located on the territory of Kyiv.”  

Does he mean Warsaw, Prague, or Bratislava? Vilnius, Tallin, or Riga? Berlin, London, or Paris? Or even Washington, DC? If you want a further symbol of where Europe sits, pro-Russian Serbia is not about to receive the invited Russian Foreign Minister Lavrov, because none of its immediate neighbous would provide overflight rights for his plane. Meanwhile, neighbouring Croatia is close to joining the Euro, and some fear Bosnia may be pulled apart entirely.

So, we have payrolls; we have inflation; and we have missiles. The missing link for markets is how these actually join up, as opposed to ‘here is headline A’; ‘here is headline B and C’, etc.

If the West is going to win this geoeconomic struggle, it will have to involve supply chains: they must move nearer. Indeed, as the appropriately-titled SupplyChainBrain blog notes in an op-ed, “Over the next 12-18 months, companies will be witnessing an avalanche in slow motion. Even as the pressure of cargo and vessel backflow begins to ease, there’s no turning it around. And, as it runs its course, it will continue to alter the geopolitical and market landscape in ways both predictable and unknown.… companies that lack the insight and agility to avoid the worst of it are those most likely to be buried.” That might be surprisingly good for payrolls going forwards.

If the West is going to win this geoeconomic struggle, it will have to involve rates: they must move higher. They *cannot* be used as tool to stimulate aggregate demand when aggregate supply is deliberately choked off by geopolitical rivals, as we are accustomed to in more normal times. They *cannot* be used to push up asset prices to compensate for a lack of pay for most workers, as we pretend we are not doing in new normal times. The Fed *cannot* pretend it is in control of shadow banking and Eurodollar markets that are funding commodity-price speculation, as it does all the time. That all won’t be good for payrolls going forwards.

Markets still don’t seem to really grasp this. Some participants see the recent shift back towards ‘fiscal and monetary policy’ just drives up inflation if the supply is not there. Well done. Some also see there is a geopolitical clash underway (far, far away, and ‘hopefully over soon’). A prize to them too. However, they both refuse to join the dots that the West cannot enjoy its flimsy festering fat fiat fiesta forever.

This does not mean a commodity-backed global alternative to the dollar is around the corner: far from it. Yet if a stronger, more integrated Western geoeconomic response to its multiple challenges is not, then much worse global chaos might well be. For example, oil is at $121 and rising, and China is not up and running yet. (As the Caixin services PMI at just 41.4 vs 46 consensus shows, albeit up from 36.2.)

Yet most in markets are wondering when it will be time to buy X or Y again. The underlying view is still that the below is where we ultimately end up, if not now, then soon, despite meaning sustained inflation and the erosion of Western hegemony:

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ヾ(  ̄O ̄)ツ

Knowing something about both inflation and the erosion of hegemony, today sees the UK drag itself back from four days of sunshine, Platinum Jubilee Bank Holiday, lemon curd cheesecake trifle, and marmalade sandwiches… straight into a political crisis, as PM BYO may face a leadership challenge. If one does not arise this week, it seems certain to later in the month after the government is crushed in two different kinds of byelection. Don’t expect that backdrop to be kind to GBP, which is looking as leggy as both the PM and the pantheon of very elderly stars wheeled out for the recent concert outside Buckingham Palace.

end

7. OIL ISSUES//ELECTRICITY ISSUES/USA

Crude Hits 3-Month High After Saudis Raise Oil Prices More Than Expected On Easing Chinese Restrictions

MONDAY, JUN 06, 2022 – 09:39 AM

While Biden is draining the SPR at the rate of 1 million barrels per day, which is the emptiest it has been in 20 years and will be much emptier by the mid-term election which Democrats will lose regardless, oil continues to climb with brent rising above $120 overnight, rising almost 60% this year, after Saudi Arabia signaled confidence in demand with a bigger-than-expected price increase of its crude for Asia. WTI, which has converged with Brent, also traded near $120/bbl after earlier rising to the highest level in almost three months.

Over the weekend, Saudi Arabia, the world’s biggest oil exporter, raised oil prices for its largest market in Asia more than expected as China is rapidly easing coronavirus restrictions, helping boost demand, Bloomberg reported. The increase for July shipments resumes a series of increases that began in February and were only broken when state producer Saudi Aramco cut prices from record levels a month ago.

Aramco raised its main grade for Arab Light crude for Asian customers by $2.10 a barrel from June to $6.50 above the benchmark it uses, as the market expected an increase of $1.50, according to a Bloomberg survey of refiners and traders. It was the second highest premium on record.

Brent remains steeply backwardated, a bullish structure where near-dated contracts are more expensive than later-dated ones. The prompt timespread for the global benchmark was $2.70 a barrel in backwardation, compared with $2.69 on Friday. For WTI, the spread was near $3.

Aramco also raised all grades for the north west Europe and the Mediterranean region, while prices for US customers remained unchanged for the second month in a row.  According to Arab Newsthe Kingdom also raised the prices of shipments sold under long-term contracts after the rise of futures contracts in the wake of the Russian invasion of Ukraine.

“In some places, the demand rebound is quite something,” Mike Muller, head of Asia at Vitol Group, said Sunday on a podcast produced by Dubai-based Gulf Intelligence.

“A lot of the south-eastern Asian countries, where I’m based, are very much exceeding expectations in terms of road-transportation demand. And try buying an air ticket in Singapore in the summer holidays. It’s awfully tough.”

In another sign of improving sentiment toward oil, Bloomberg’s Sungwoo Park notes that net bullish bets by hedge funds are recovering, back near the levels seen before the invasion of Ukraine. What’s more, oil is effectively shrugging off some bearish news flows over the weekend around Iran and Venezuela supplies.  This bullishness has more life in it, especially if those hedge funds continue to return.

OPEC+ last week agreed to accelerate output following repeated calls by the US to pump more. The cartel said it would add 648,000 barrels a day for July and August, about 50% more than the increases seen in recent months. However, the group has struggled recently to meet its supply targets, raising doubts about whether it would be able to meet the goal.

The fuel market has also tightened considerably, just as the peak period for US demand kicks off with the summer driving season. Retail gasoline prices have rallied to a record, while futures in New York hit a fresh high on Monday.

“The peak demand season is here,” said Chen Shuxian, an analyst with Cinda Securities Co. in Shanghai. The summer driving period in the US and Europe will underpin higher consumption, while China’s demand will recover with the easing of virus restrictions, Chen added.

“The Options Are Looking Pretty Bleak”: California Gas Prices Sprint Past $6 Per Gallon As Mendocino Station Approaches Double Digits

SATURDAY, JUN 04, 2022 – 07:00 PM

California: come for the poo-covered streets, stay for the crippling gas prices.

That’s right, while the national average gas price hit $4.76 per gallon this week according to AAA, Californians are now paying a record $6.24 average per gallon after the state saw prices surge past the $6 mark for the first time in history last week.

At one station in coastal Mendocino, prices are just pennies away from $10 – the highest ever in history, according to the Daily Mail.

Breaking it down by city, San Francisco motorists are paying an average of $6.50, while San Jose drivers are paying $6.38, and Oakland drivers are forking over $6.37. LA drivers are only doing slightly better at $6.26 per gallon on average.

This is at least $2 more per gallon in the same cities vs. this time last year.

And based on the 3-2-1 crack spread, which measures the difference in price between a barrel of crude oil and its byproducts, it appears prices at the pump are about to head even higher.

Indeed, the Mail notes that supplies at US refineries remain tight – with Thursday’s US weekly inventory report showing that crude stock had fallen by more than the expected 5.1 million barrels, while gasoline inventories have also dropped to dangerous levels.

What’s more, Chinese oil demand is back online after recently relaxing COVID restrictions, the Saudis are near peak output, and the Strategic Petroleum Reserve is being drained by the Biden administration at 1mmb/d.

 “I don’t think as many people are going to hit the road,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “And if they do, I think a good portion are going to be staying close to home,” he told CNBC last weekend.

“They’re definitely should be a noticeable bump – but my impression is people are not driving as far,” he continued, adding “The concern is high prices that are keeping people a little closer.”

Diesel prices have also skyrocketed over 80% vs. last year to around $5.58 per gallon, an all-time record.

The rising cost of the fuel – commonly used by truckers for their rigs – has further hampered America’s embattled economy, driving up prices of good being transported cross-country by truckers, who are now electing for shorter routes due to the ‘unprecedented’ increase.

I can pretty much count on setting on fire $5-$700 a day…minimum,’ 22-wheel driver Eric Jammer told NPR Saturday of the rise in diesel costs seen over the past 12 months. 

He told the outlet that he typically transports military and construction equipment – gear that often weighs well into the ton. He even once hauled an Apache helicopter. 

Jammer says the crisis has forced him not to take routes that are too far away from his home in Houston, Texas, forced to only accept jobs with destinations and pickups within a day or two from his residence. -Daily Mail

For reference, the national average on President Trump’s last day in office was $2.41 per gallon

“If exports persist at this elevated pace and refinery runs – already near the top range for reasonable utilization rates – fall within our expectations, gasoline inventories could continue to draw to levels below 2008 lows and retail gasoline prices could climb to $6/gallon or even higher,” JPMorgan warned, adding that total US gasoline inventories could soon fall to levels not seen since the 1950s – a perfect storm.

“There is a real risk the price could reach $6+ a gallon by August,” JPM head of commodities research, Natasha Kaneva, told CNN last week.

According to JPM, unless refineries “immediately” halt most exports and shift towards domestic gasoline production, ”US consumers should not expect much in the way of relief in prices at the pump until the end of the year.”

On Monday, CNN business correspondent acknowledged that President Biden had exhausted his short-term solutions for high gas prices – including tapping the SPR.

The pain is widespread,” she said on Monday, adding: “The options are looking pretty bleak at this point.

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////  NEW ZEALAND/ SOUTH AFRICA/BRAZIL/ARGENTINA/INDIA/PAKISTAN

Pakistan:

Your early  currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings MONDAY morning 7:30 AM

Euro/USA 1.0727 DOWN 0.0013 /EUROPE BOURSES //ALL GREEN

USA/ YEN 130.65   DOWN 0.111 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2563 UP   0.0084

 Last night Shanghai COMPOSITE CLOSED UP 40.92 POINTS UP 1.28%

 Hang Sang CLOSED  UP 571.79 PTS OR 2.71%

AUSTRALIA CLOSED DOWN 0.54%    // EUROPEAN BOURSES ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN 

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 571.79 PTS OR 2.71%   

/SHANGHAI CLOSED UP 40.91 PTS UP 1.28% 

Australia BOURSE CLOSED DOWN  0.54% 

(Nikkei (Japan) CLOSED  UP 154.32 OR 2.71%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1853.60

silver:$22.37

USA dollar index early MONDAY morning: 102.00  DOWN 16  CENT(S) from FRIDAY’s close.

 MONDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.51%  UP 4  in basis point(s) yield

JAPANESE BOND YIELD: +0.238% DOWN 1     AND 7/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.48%// UP 6   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.42  UP 2   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +1.325.%

END

IMPORTANT CURRENCY CLOSES FOR MONDAY  

Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.0686 DOWN  30    or 30 basis points

USA/Japan: 131.66 UP .898  OR YEN DOWN  90  basis points/

Great Britain/USA 1.2526 UP 0.0046 OR 46  BASIS POINTS

Canadian dollar DOWN .0009 OR 9 BASIS pts  to 1.2578

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.6538  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.6568

TURKISH LIRA:  16.59  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.238

Your closing 10 yr US bond yield UP 8  IN basis points from FRIDAY at  3.034% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.187 UP 7 in basis points 

Your closing USA dollar index, 102.41 UP 24   CENT(S) ON THE DAY/1.00 PM/

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates MONDAY: 12:00 PM

London: CLOSED UP 83.52 PTS OR 1.11%

German Dax :  CLOSED UP 104.72  POINTS OR 1.35%

Paris CAC CLOSED UP 77.86 PTS OR 1.20% 

Spain IBEX CLOSED UP 104.40 OR 1.20%

Italian MIB: CLOSED UP 402.05 PTS OR  1.66%

WTI Oil price 117.86   12: EST

Brent Oil:  119.29   12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  60.98  DOWN.03        RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.325

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0691 DOWN   .0024   OR  DOWN 24 BASIS POINTS

British Pound: 1.2536 UP .0057  or  57 basis pts

USA dollar vs Japanese Yen: 131.90 UP 1.128//YEN down 113 BASIS PTS

USA dollar vs Canadian dollar: 1.2574 DOWN 0013 (CDN dollar UP 13 basis pts)

West Texas intermediate oil: 118.35

Brent OIL:  119.63

USA 10 yr bond yield: 3.038 UP 8 points

USA 30 yr bond yield: 3.185  UP 7  pts

USA DOLLAR VS TURKISH LIRA: 16,57

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  61.02 UP  .06/ ROUBLES (ROUBLE  DOWN .06  ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: UP 14.50 PTS OR 0.04%

NASDAQ 100 UP 51.60 PTS OR 0.41%

VOLATILITY INDEX: 25.21 UP 0.42 PTS (1.69%

GLD: 171.79 DOWN 0.79 PTS OR 0.46%

SLV/ 20.37 UP .14 PTS OR 0.69%

end)

USA trading day in Graph Form

Bitcoin & Bond Yields Soar As Stocks Puke Post-Payrolls-Gains

MONDAY, JUN 06, 2022 – 04:00 PM

For once US Macro data did not disappoint today… because there were none.

Rate-hike expectations continue to rise (hawkishly) to its highest level since the May FOMC meeting and press conference…

Source: Bloomberg

Stock surged overnight (driven by enthusiasm about easing COVID restrictions in China, plus an influx in activity after several exchanges around the globe were closed last week for public holidays), recovering all the post-payrolls losses from an ugly Friday and prompting more asset-gatherers and commission-rakers to say ‘the bottom is in’. However, realization that surging bond yields were more a technical factor (heavy IG calendar) than fundamental, stocks puked all the gains back into the European close. The standard bid appeared, but the machines just could not hold it…

Nasdaq ended today down 1.5% from pre-payrolls levels as the majors basically feel back to Friday’s lows. Small Caps are the best performers, managing to get back to even…

From Friday’s close, stocks were basically unchanged (after Nasdaq rose 2% at its peak) before a late-day panic-bid lifted them…

Some “traders” are still nailing these turns…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1533819823909654528&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fbitcoin-bond-yields-soar-stocks-puke-payrolls-gains&sessionId=45b45514a95c843746388070a0a4e86311707ec6&siteScreenName=zerohedge&theme=light&widgetsVersion=b45a03c79d4c1%3A1654150928467&width=550px

As a reminder, AAPL just ‘death-cross’ed…

Source: Bloomberg

TWTR shares tumbled early on after Musk’s 13D filing, but buyers stepped in and limited the losses…

Stocks and bonds both fell (in price), with stocks having plenty of room for catch down for now…

Source: Bloomberg

Treasuries puked today on the back of a major IG issuance calendar. All the major selling pressure hit from the US cash equity open to European close leaving yields up 10bps across the curve…

Source: Bloomberg

All spot maturities 5Y and greater are back above 3.00%… and we note that the market is implying a totally flat term structure around 3.25% in one year…

Source: Bloomberg

It is also worth noting that European yield spreads are blowing out – back to COVID lockdown crisis levels (yields are higher too but this is the spread to Bunds)…

Source: Bloomberg

Time for the ECB to start buying again STAT! Italian ‘redenomination’ risk is soaring again…

Source: Bloomberg

The dollar rebounded from earlier losses today…

Source: Bloomberg

Bitcoin surged over the weekend, back above $31500, erasing last week’s puke…

Source: Bloomberg

And we note that Bitcoin’s recent outperformance relative to Ethereum has shifted that ratio back to significant support (for Ethereum)…

Source: Bloomberg

Gold slid lower on the dollar strength, back below $1850…

US NatGas surged over 9% today, back above $9 and at its highest close since Aug 2008…

US NatGas futures are now pricier than Day-Ahead European NatGas (“shared sacrifice”, right? “for democracy”?)

Source: Bloomberg

Finally, while it is noisy, we note that real yields are holding positive and it appears bitcoin and bullion are roughly tied to it…

And of course, unless you are living under a rock, US pump prices just hit a new record high…

Source: Bloomberg

Get back to work Mr.Biden!

I) / EARLY MORNING TRADING/

II)USA data

END

END

IIB) USA COVID/VACCINE MANDATES

END.

iii)a.  USA economic stories

end 

iii b USA//inflation stories/log jams etc/

Inflation Will Price Many Americans Out Of Housing And Into Homelessness

SUNDAY, JUN 05, 2022 – 06:30 PM

Authored by Brandon Smith via Alt-Market.us,

One of the most detrimental aspects of an inflationary or stagflationary crisis is that, in most cases, housing costs tend to rise while home sales fall.

It might seem counterintuitive; one would assume that as sales fall so should prices, but this is the upside-down world of inflation. Certain commodities and products, usually necessities, almost always skyrocket in price, ultimately driving most American families out of the market completely.

One of the only exceptions to this rule is when the government institutes rent or price controls. In Weimar Germany, for example, the government enforced strict regulatory controls on landlords, fixing rent at a rate that made profits impossible.

Biden’s housing crisis

Now, this might sound familiar – during the height of the Covid pandemic the Biden administration established a lengthy moratorium on evictions, which made it impossible for many property owners to collect rent payments they were owed. Owners couldn’t replace delinquent tenants with those willing to pay on time, leading to massive financial burden on property owners across America.

The effects of this were detrimental to both the U.S. economy and especially the rental market.

How? The moratorium awakened property owners to the reality that they could be unilaterally restricted from their own business. They could be stopped from collecting rent payments owed by tenants under contract while still being forced to pay taxes and maintenance expenses on those same properties.

The entire rental market became a zero-sum game. In response, landlords began selling their extra properties in droves instead of renting them out.

As you might expect, this has led to a shortage of rentals in many parts of the country. When supply is constrained, what does basic economics tell us must happen? The eviction moratorium led directly to much higher prices on the limited rentals that still remain.

But it wasn’t just a reduction in supply that caused prices to rise.

Those owners still willing to rent properties under the eviction moratorium had to increase their prices to compensate them for the additional risks they were taking in a market where the rules suddenly changed. By placing the moratorium on rent, Biden made an existing housing crisis far worse.

Who benefits from this manufactured crisis?

Another factor to consider is this: who were the buyers for many of these suddenly-for-sale properties?

Massive conglomerates like Blackstone and Blackrock have been increasingly involved in the housing market since the crash of 2008.

While Blackrock claims it has no involvement with the single-family housing market, it works closely with companies that are involved, buying up multiple houses and bundles of distressed mortgages.

Blackstone has continued to buy houses in bulk for the past decade, removing properties from the market for a time. These mass purchases give the public the impression that local sales are “hot” and that the market is thriving. As you might expect, these actions force prices up even further to meet this artificial demand.

Currently, median sale prices of homes have spiked dramatically to all-time highs in the span of a couple years – a 30% price surge coinciding with the beginning of the Covid panic.

Now, part of the price inflation can be attributed to the large migration of Americans out of blue states to escape draconian Covid lockdowns and high taxes, but this migration has now died off. Housing sales are plummeting back to Earth. Yet, prices remain higher than the average family can afford.

Housing Inflation Is far Outpacing Wages

In 2022, the median cost of a home in the US is now $428,000. The average American makes around $50,000 a year or less, placing them far outside the current market.

In terms of rentals, the average cost in the US has exploded to $1300 per month for people that stay anchored to a location, and $1900 per month for people that relocate. This average is of course partially pushed up by the ridiculously high prices in major coastal cities like San Francisco (up 22% year over year), Los Angeles (up 297% since January 2000) and New York (up 159% house price inflation since January 2000).

An individual today must make at least $20 an hour to afford a single bedroom apartment. Consider that over 30% of Americans are paid less than $15 an hour (before taxes).

Nearly half of the American population doesn’t make enough money to maintain a one bedroom rental. The vast majority of Americans will find it impossible to buy a home at today’s prices.

On average, an annual salary of $105,000 is recommended before taking on a mortgage for a $350,000 house. And keep in mind, as the inflation crisis accelerates the Federal Reserve will raise interest rates – which pushes up mortgage costs. So where does this leave us? It only gets worse from here.

What comes next?

Home buyers waiting for prices to track lower along with sales may find they are waiting around for a while. This could change IF the government enforces price controls on home costs. Granted, that is highly unlikely.

I think it’s more likely that, as inflation rises, the government would freeze monthly rents, but not home prices themselves.

That said, if there was another moratorium on evictions, or a freeze on rents, then landlords would probably sell off their properties en masse once again to avoid taxes and expenses on investments that are making them no money. That could lead to a larger drop in prices, but again, I wouldn’t hold my breath.

One solution to the housing problem would be a moratorium on corporate purchases of homes. That would limit hedge funds and investment banks to speculating on industrial and retail properties.

Personally, I’m not a fan of the government insinuating itself into business, but maybe it is better to stop conglomerates from buying up American homes and driving up prices than it is to stop landlords from collecting rent? We also have to consider the very real possibility that global corporations devouring the U.S. housing market is part of a calculated agenda to make housing expensive.

Price explosions caused by inflation like we are seeing today often last for many years, sometimes a decade or more. When housing finally does deflate, it will only be under drastic economic instability. By that time, people will have much bigger concerns beyond whether they can take on a mortgage. (Note: Birch Gold has reported extensively on the latest housing bubble, and the forces behind it.)

Property rights and ownership are a primary pillar supporting a free society. When ownership is relegated to the upper-middle class and the wealthy the result is an inevitable social decline into various forms of feudalism or socialism.

For those with authoritarian ambitions, housing inflation is a boon. Homelessness feeds the kind of desperation that drives the public to support totalitarian actions. They might provide you with housing eventually, but it will be at a terrible cost.

The last thing anyone with common sense would want is for the government to become their landlord by default. It’s very hard to defy the trespasses of government overreach when that government controls the roof over your head.

*  *  *

After 14 long years of ultra-loose monetary policy from the Federal Reserve, it’s no secret that inflation is primed to soar. If your IRA or 401(k) is exposed to this threat, it’s critical to act now! That’s why thousands of Americans are moving their retirement into a Gold IRA. Learn how you can too with a free info kit on gold from Birch Gold Group. It reveals the little-known IRS Tax Law to move your IRA or 401(k) into gold. Click here to get your free Info Kit on Gold.

END

iv)swamp stories

King REPORT

The King Report June 6, 2022 Issue 6774Independent View of the News
  About one month ago, we highlighted a glaring inconsistency in the April Employment Report:  There is a huge discrepancy in the April Employment ReportNFP (Establishment Survey) is +428k; but the Household Survey’s ‘Employed’ declined 353k, a whopping 781k job disparity!… https://www.bls.gov/news.release/empsit.a.htm
 
There are irregularities in the May Employment.  The vagaries of school year terminations can distort seasonal adjustments for May.  Perhaps there are also political dynamics.  Some economists opined that the anomalies in the May report would be remedied by reduced job growth in the June report.
 
Zero Hedge: The BLS reported that in May the US added 390K jobs… well above the 320K expected (and once again made a mockery of the recent dismal ADP prints (128k jobs)which suggests that there was another political component here in the BLS data where someone likely made a phone call or two)…
https://www.zerohedge.com/markets/may-payrolls-drop-13-month-low-come-hotter-expected
 
May Unemployment Rate +0.1 to 3.6%, 3.5% exp
Change in household employment 321k vs prior -353k; Unemployed +9k
Permanent job losers remained at 1.4 million in May; temporary layoff was little changed at 810,000.
https://www.bls.gov/news.release/empsit.a.htm
 
BLS: Both the labor force participation rate, at 62.3 percent, and the employment-population ratio, at 60.1 percent, were little changed (both +0.1). Both measures are 1.1 percentage points below their February 2020 values… Yet NFP is near pre-Covid readings.  https://www.bls.gov/news.release/empsit.nr0.htm
 
Women, 20 years & over had employment growth of 262,000; and 397k entered the workforce!
This could be teachers transitioning to summer employment that were double counted.
https://www.bls.gov/news.release/empsit.t01.htm
 
May Nonfarm payrolls 390k (318k exp), April 436k; March & April net revisions -22k (March -30k to 398k, April +8k to 436k); Private Payrolls 333 (301k exp), April 405k; Manufacturing +18k (39k exp), April 61k; May Avg. hourly earnings: 0.3% m/m and 5.2% y/y (0.4% and 5.2% y/y exp), prior 0.3% m/m
 
Schwab’s @KathyJones: Lower paying services jobs continue to make up the bulk of the jobs gains. https://t.co/ifvHC6rEoB
 
Lower-paying service jobs +175k (+273k April): Leisure and hospitality +84k with Food services & drinking places +46k, Accommodation +21k; Education & Health care +42.1k; Transportation & Warehousing +47k; Government +57k; Construction gained 36,000 jobs despite the housing market’s sharp downturn! Retail trade lost 60.7k. https://www.bls.gov/news.release/empsit.b.htm
 
Obama’s economist @jasonfurman: Average hourly earnings growth remains moderate relative to last year, shifting from a ~6% pace to a ~4.5% pace.
 
CNBC reports: “1.8 million people said they were unable to work last month because their employer closed or lost business.” https://t.co/cuKoIQNAiY
 
May 2022 Birth/Death Model jobs 213k; May 2021 218k  https://www.bls.gov/web/empsit/cesbd.htm
 
The NFIB business net optimism/pessimism survey hit an all-time low of -50 (began 1985).
https://twitter.com/JeffWeniger/status/1530165582850666497
 
A Record 51% of US Small-Business Owners Had Vacancies in May… up four percentage points from April, according to data from the National Federation of Independent Business…
    “The labor force participation rate is slowly rising but small businesses continue to have a hard time filling their open positions,” Bill Dunkelberg, NFIB chief economist, mentioned in a press release. “The number of job openings continues to exceed the number of unemployed workers which has produced a tight labor market and added pressure on wage levels.”
https://thedigitalviews.com/a-record-51-of-us-small-business-owners-had-vacancies-in-may/
 
The Great Robo-placement? Workplace Robot Orders Jump 40% in 1st Quarter https://t.co/SveiJE5sKw
 
Salary inflation and worker shortages for myriad reasons, including worker apathy, mandate automation.
 
Exclusive: Elon Musk wants to cut 10% of Tesla jobs
Tesla CEO Elon Musk has a “super bad feeling” about the economy… he said in an email to executives … titled “pause all hiring worldwide“, came two days after the billionaire told staff to return to the workplace or leave, and adds to a growing chorus of warnings from business leaders about the risks of recession… https://www.reuters.com/technology/exclusive-musk-says-tesla-needs-cut-staff-by-10-pauses-all-hiring-2022-06-03/
 
May ISM Services 55.9, Exp. 56.5, Last 57.1; Business Activity Index at 54.5%; New Orders Index at 57.6%; Employment Index at 50.2%; Supplier Deliveries Index at 61.3%…
https://www.prnewswire.com/news-releases/services-pmi-at-55-9-may-2022-services-ism-report-on-business-301560637.html
 
On Friday, The Big Guy again blamed Putin for energy and food inflation.  Joe also blamed Congress for inflation, which is partially true because it passed Joe’s ginormous spending scheme.  Putin responded.
 
Putin Says US Decision to Print Money Is Behind Soaring Food Prices… as well as Europe’s over-reliance on renewables and short-term gas contracts, which have led to price hikes and rising inflation.
    “It began to take shape as early as February 2020 in the process of combating the consequences of the coronavirus pandemic.”…  https://biztoc.com/p/dub2dfkz
 
Joe spewed this malarkey: “We’re tackling inflation from a position of strength… (Americans should) feel confident” about halting inflation.
 
@townhallcom on Friday: Biden proposes “clean energy” as a way to fight inflation.
https://twitter.com/townhallcom/status/1532738864804159495
 
BIDEN: “Since I took office, families are carrying less debt, their average savings are up…more Americans feel financially comfortable…” (Count the lies in this one sentence!)
https://twitter.com/townhallcom/status/1532737352447283200
 
The Fed study cited by Biden is the 2021 Survey of Household Economics and Decisionmaking (SHED).
https://www.breitbart.com/economy/2022/06/03/fact-check-joe-biden-claims-a-record-number-of-americans-feel-financially-comfortable/?s=02
 
“Is This Real?”: Biden Gives Bizarre Inflation Speech Full of Obvious Lies
The personal savings rate has plummeted, while outstanding (revolving) consumer credit has sharply risen since January 2021… a May survey from the American Psychological Association revealed that Americans are more stressed out about money than ever… Biden proposes fighting “Putin inflation” by injecting more money into the economy…Biden also took credit for the 8.7 million jobs ‘added’ to the economy since he took office – which were of course caused by government-mandated lockdowns
https://www.zerohedge.com/markets/real-biden-gives-bizarre-inflation-speech-full-obvious-lies
 
Biden Told So Many Filthy Lies During Inflation Speech It Made People Want to Bathe Afterward
(Per) CNBC, the average amount of personal savings for Americans has dropped 15% from $73,100 in 2021 to $62,086 in 2022…the personal savings rate for Americans fell to 6.2% in March 2022…
https://djhjmedia.com/rich/biden-told-so-many-filthy-lies-during-inflation-speech-it-made-people-want-to-bathe-afterward/
 
The Big Guy doubles down almost daily on a strategy of telling Americans that their checkbooks are lying to them, and the US economy is better than they realize.  Historically, this has never worked.
 
@newsmax: President Joe Biden: “Today, thanks to the economic plan and the vaccination plan the Biden Administration put into action, America has achieved the most robust recovery in modern history.” https://twitter.com/newsmax/status/1532740886001594368
 
NY Post’s @mirandadevine: This gaslighting speech won’t age well.
 
The Big Guy is utilizing the Big Lie Strategy: “If you tell a lie big enough and keep repeating it, people will eventually come to believe it.  Heralding a bad economy didn’t work for Carter, Bush I, or Bush II.
 
An ABC/IPSOS poll released on Sunday shows 83% of Americans say the economy is an extremely or very important issue in determining how they will vote
https://www.ipsos.com/sites/default/files/ct/news/documents/2022-06/Topline%20ABC_Ipsos%20Poll%20Final%20Topline%20June%204%202022.pdf
 
Biden adviser admits not feeling inflation as ‘personally’ as lower-income people but understands frustration   https://www.foxnews.com/media/biden-adviser-inflation-personally-lower-income-people
 
@ForAmerica: Reporter: Elon Musk has said he has a super bad feeling about the U.S. Economy.  Biden: “Ford is increasing the investment in building new electric vehicles… Chrysler corporation are also making similar investments… so, you know, lots of luck on his trip to the moon.”
https://twitter.com/ForAmerica/status/1532742001808052234
 
Musk Cracks Back at Biden for ‘Trip to The Moon’ Dig
Musk wrote “Thanks Mr. President!” and linked to a NASA article about its partnership with SpaceX…
https://www.msn.com/en-us/money/markets/musk-cracks-back-at-biden-for-trip-to-the-moon-dig/ar-AAY2Q6L
 
Joe’s presser on Friday morning was the official kickoff of his June-long attempt to gaslight Americans about the economy.  He claimed that the US is on track to reduce its budget deficit by $1.7 trillion.
 
While The Big Guy was spinning the US economic situation on Friday, oil rallied, gasoline hit yet another all-time high, and stocks tumbled. WTI Oil rallied for the 6th consecutive week with July WTI Oil settling at 118.87.  It later rallied to 120.43, +$3.56.  Gasoline traded as high as +11.41 cents, +2.8% for the day.
 
ESMs commenced a decline at the European open that persisted until a bottom (4096.75) appeared just 4 minutes before the 11:30 ET European close.  The ingrained rebound rally that appears after early US equity tumbles occurred.  However, it ended at 13:04 ET and totaled only 36.00 ESM points.  ESMs and stocks then methodically trekked lower until a modest rally into the close began at 14:50 ET.
 
The NY Fang+ Index tumbled as much as 4.2%.  The drop was led by Tesla, which hit -9.7% at 11:12 ET.
 
USMs tumbled after the May Employment Report release, hitting -1 10/32 at 9:13.  They then soared 1 7/32 by 10:20 ET.  Alas, sellers returned; USMs sank 26/32 by midday.  They traded sideways thereafter.
 
The Big Guy reportedly fled to his Delaware retreat after his gun speech on Thursday night.
 
Biden is on pace to take the most vacation than ANY other president…as he prepares to head to Rehoboth Beach for the weekend – the president has spent 188 days at his two properties in Delaware.
https://www.dailymail.co.uk/news/article-10878885/Biden-pace-vacation-president-prepares-head-Rehoboth.html
 
Biden rushed to Delaware safe house after unauthorized plane breaches air space https://trib.al/Aopz5bI
 
Biden says Ukraine might have to give Russia land in ‘negotiated settlement’ https://trib.al/SSrUdJH
 
The Big Guy tweet on Saturday: I led the world to coordinate the largest release from global oil reserves in history, directed the sale of gasoline using homegrown biofuels this summer, and more.  These actions have already helped to blunt what would have been an even larger Putin Price Hike.
Report on ‘Dysfunction’ in Biden White House Reveals More Than 70 People Manage President’s Social Media Accounts    https://www.mediaite.com/biden/report-on-dysfunction-in-biden-white-house-reveals-more-than-70-people-manage-presidents-social-media-accounts/
 
Reagan and Bush I loaded up the SPR.  Clinton depleted it modestly.  Bush II inflated the SPR to 726.6 million barrels, its peak.  Obama depleted the SPR to 695m; Trump depleted it to 635m.  Biden has depleted the US Strategic Petroleum Reserve to 535m barrels, the lowest level since Aug. 1987.  If a major hurricane or two hits near gulf production…  https://www.energy.gov/fecm/strategic-petroleum-reserve-9
 
GOP Rep @Lancegooden: The Biden Administration thanked OPEC+ for increasing supply by more than 200,000 barrels per day.  The Keystone XL pipeline would have delivered 830,000 barrels of oil per day.
 
Positive aspects of previous session
Robust midday rally for equities
 
Negative aspects of previous session
ESMs and US stocks tumbled due to a plethora of negative fundamental news
Fangs and related trading sardines got hammered
Gasoline hit another new high; WTI Oil rallied despite the OPEC+ production hike
 
Ambiguous aspects of previous session
Is the late-May rebound rally over?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Down
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4116.58
Previous session High/Low4142.67; 4098.67
 
Yellen Wanted Biden Relief Plan Cut by a Third, Biographer Says
Treasury chief worried March 2021 package would spur inflation https://www.bloomberg.com/news/articles/2022-06-04/yellen-wanted-biden-relief-plan-cut-by-a-third-biographer-says
 
Yellen and the US Treasury denied that Yellen favored a smaller Biden Trillions package.
 
WSJ’s @NickTimiraos: Yellen wasn’t as dismissive of Summers’s inflation concerns as others but neither was she especially anxious when I spoke to her in June 2021: “I still think the medium- to long- run problem is inflation too low rather than inflation too high.” https://t.co/KkgY689Bz1
 
America should ‘end its love affair with single-family homes’: Time magazine
Time provided the perspective of affordable housing developers who say people should get used to living in apartments… https://www.foxnews.com/media/america-should-end-love-affair-single-family-homes-time-magazine
 
Jim Cramer @jimcramer: I may be the only person besides Jay Powell who believes we are not going to have a recession. At least I hope Jay thinks that way!
 
The Inverse Cramer ETF Is Still Beating the S&P 500 Index by Nearly 7 Percent
https://wccftech.com/the-inverse-cramer-etf-is-still-beating-the-sp-500-index-by-nearly-7-percent/
 
@JackPosobiec (Sat.): Today in 1989, the CCP murdered thousands of students – and then Bush Sr cut a deal with them to come into the WTO… Globalism was born in the blood of Tiananmen.  “Now is the time to look beyond the moment to important and enduring aspects of this vital relationship for the United States” – President Bush Sr, a few days after the CCP slaughtered 10,000 student protesters…
 
WSJ May 31, 2019: In 1989, the U.S. Decided to Let Beijing Get Away with Murder
American policymakers thought that continued engagement would lead China toward democracy. Time has shown that they were wrong…
https://www.wsj.com/articles/in-1989-the-u-s-decided-to-let-beijing-get-away-with-murder-11559311545
 
Japan recorded record low births, biggest ever population drop in 2021 https://t.co/fBWdahoHO4
 
Disneyland Paris employee ruins marriage proposal by snatching ring from man on bended knee
POS destroyed my best friends moment. He asked for permission beforehand… Their admission pass didn’t include the $149 optional ‘Proposal Photograph’ fee,” one user quipped… Disney said the park has apologized to the couple…  https://t.co/hcRUPk9i3T
 
Russia must not be humiliated despite Putin’s ‘historic’ mistake, Macron says (Monsieur Effete!)
“We must not humiliate Russia so that the day when the fighting stops we can build an exit ramp through diplomatic means,”… https://www.reuters.com/world/europe/russia-must-not-be-humiliated-despite-putins-historic-mistake-macron-2022-06-04/
 
@SuburbanDrone: Over the past 14 years there are no examples where stocks recovered from this level of breadth disintegration (% NDX above 200 DMA) without a Fed bailout.  Bulls are optimistic that record tightening is the same thing. https://t.co/cAUwb6Atlh
 
@Callum_Thomas: Good news everyone! After a big rest, the S&P 500 price to sales ratio is now only as expensive as during the peak of the dot com bubble!   https://t.co/jnjFQJ4HEt
 
On Friday, 101 counterparties deposited $2.031 trillion with the Fed Reverse Repo facility.  There is at least $2T of excessive liquidity in the system – and Fed officials aver that they are serious about inflation!
 
Saudi Arabia raises oil prices more than expected as Asia recovers: Bloomberg
https://www.arabnews.com/node/2097186/business-economy
 
WaPo: The Energy 202: Conservatives predict gas prices will spike under Biden. Experts say those fears are overblown.  Analysis by Dino Grandoni   November 12, 2020 https://www.washingtonpost.com/politics/2020/11/12/energy-202-conservatives-predict-gas-prices-will-spike-under-biden-experts-say-those-fears-are-overblown/
 
Today – Traders typically buy ESMs on Sunday night for the expected Monday rally.  The buying so far has been muted because energy commodities are up smartly.  Traders want to play for rallies early in this week because May CPI is due on Friday.  Another positive factor for bulls: The Fed is in a blackout period ahead of its June 14-15 soiree.  There will be no hawkish Fed utterances until then.  Plus, there is no impact economic news scheduled for release today.  If bulls cannot foster a rally today…
 
S&P 500 Index 50-day MA: 4249; 100-day MA: 4335; 150-day MA: 4449; 200-day MA: 4450
DJIA 50-day MA: 33,499; 100-day MA: 33,970; 150-day MA: 34,587; 200-day MA: 34,672
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4987.97 triggers a buy signal
WeeklyTrender and MACD are negative – a close above 4359.32 triggers a buy signal
Daily: Trender and MACD are positive – a close below 3979.04 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 4163.86 triggers a buy signal
 
DeSantis (71%) beats Trump (67%) in 2024 straw poll a 2nd time at Colorado conservative summit
https://t.co/xChVEOQau8
 
Dem-friendly Axios: Jan. 6 committee’s private divide
The House’s Jan. 6 committee has split behind the scenes over what actions to take after the public hearings: Some members want big changes on voting rights — and even to abolish the Electoral College — while others are resisting proposals to overhaul the U.S. election system
https://www.axios.com/2022/06/05/january-6-committee-electoral-college-reforms?s=02
 
GOP to launch offensive, portray Jan. 6 probe as ‘unconstitutional and illegitimate.’  Focus of counter-programming to include exposing Pelosi failure to secure Capitol. https://t.co/OTWJnTPHCX
 
@JonathanTurley: The two lawyers were facing domestic terrorism charges (firebombing NYC cops) and the possibility of 30 years in jail. This week, the Biden Administration agreed to a massive reduction of the charges in a plea agreement that will likely result only in a couple years of jail time …It is a sharp contrast to the harsh position taken by the Biden Justice Department on many of those accused of rioting on January 6th. AG Garland cited the threat to police officers in pledging an unprecedented effort to charge those involved “on any level” in the riot.
 
Former Trump White House official Peter Navarro has been indicted on contempt of Congress charges for defying Jan. 6 committee subpoenas. http://apne.ws/s5Y2G66
 
Ex-DJT trade advisor Navarro: “Instead of coming to my door where is I live, which is next to the FBI… They intercepted me getting on the plane and then they put me in handcuffs, they bring me here. They put me in leg irons. They stick me in a cell… That’s punitive… What they did to me today violated the Constitution.”  https://twitter.com/therecount/status/1532824728494387200/video/1
 
@donkilmer: I’m old enough to remember when Congress voted, and held Eric Holder (Obama’s Attorney General) in Contempt of Congress. But I missed the news cycle reporting his arrest.
 
@JackPosobiec: This is banana republic stuff. Pure political persecution of the opposition
 
AP on Friday night: Justice Department tells House it will not prosecute Mark Meadows, Dan Scavino for contempt of Congress
 
Dems and Liz Cheney are livid with the DoJ’s decision to not prosecute.  Perhaps the ugly optics and outrage at the arrest of the 72-year-old Navarro were factors.  Perhaps the fear of a GOP takeover in November and Congressional hearings into DoJ and FBI abuses and politicking are a factor.
 
Turley: Subpoena wars: Washington is on a path to mutually assured destruction
The two parties have long avoided using subpoenas against each other. It was viewed as a step toward mutually assured destruction… House Democratic leaders, however, shattered that long tradition of restraint despite the fact that they may gain little from the effort… and they are creating a new precedent for such internal subpoenas just months before they could find themselves in the minority
    Attorney General Merrick Garland is well on his way to setting a record for the prosecution of congressional contempt. The Justice Department has consistently refused to submit congressional contempt cases to grand juries, including a flagrant act of contempt by Obama-era Attorney General Eric Holder…  Institutions and individuals alike seem to be in a crazed fit (Due to TDS – Trump Derangement Syndrome) with little concern for how their actions may play out beyond the next election…  https://thehill.com/opinion/judiciary/3511812-subpoena-wars-washington-is-on-a-path-to-mutually-assured-destruction/
 
@newsmax: @GOPLeader McCarthy said the Jan. 6 House committee is going “beyond its legislative scope” and conducting a “criminal investigation” of their political foes. https://t.co/axWWtwXWOX
 
Why is a major GOPe solon now concerned about Jan 6 panel abuses?  It’s always the polls.
 
3 in 4 Democrat, unaffiliated voters who saw ‘2000 Mules’ would recommend to others: poll
The film “strengthened their conviction that there was systematic and widespread election fraud” … for 85% of Republicans, 68% of Democrats and 77% of unaffiliated voters. Only 19% of all viewers said it weakened their belief in election fraud… https://t.co/yO0a2nt3G0
 
Wisconsin judge’s alleged killer identified; Whitmer, McConnell, Evers among 13 names on hitlist
(Douglas K.) Uhde has an extensive criminal and prison record dating back at least two decades…
https://www.foxnews.com/us/wisconsin-judge-killer-identified-hitlist-whitmer-mcconnell-evers?intcmp=tw_fnc
 
Will the MSM bash and question Schumer for instigating violence against US judges?  No chance!
 
“There Are a Lot of People Very Close to the President Who Privately Understand That This Is a Complete Disaster” (Forgiving student loans) “Where does Joe Biden think this groundswell is going to come from, except for this small group of highly-entitled college graduates who dominate the staffing and the inner workings of the Democratic party?… this is the fault of Stacey Abrams and Raphael Warnock (Sen. GA) …the president is being pulled really hard by these woke leftists who … believe it’s all about the base.” …The move is statutorily illegal, it is morally revolting, and it is disgracefully self-serving…  https://t.co/6mAwAGKTeB
 
Joe Biden’s approval from black Americans has declined, new poll says
Down 8% from the 78% approval rating recorded in April 2021… Fewer than one quarter in the demographic group — 23% — “strongly approve” of the Democratic president… https://trib.al/fh8fbgL
 
@MarkSimoneNY: Joe Biden gives a partisan attack speech viciously attacking Republicans, then claims he wants to make a deal. Joe Biden says it’s urgent and we must act immediately, then leaves for a vacation.  And of course, the corrupt media says nothing.
 
Arms sent to Ukraine will end up in criminal hands, says Interpol chief
https://www.theguardian.com/world/2022/jun/02/ukraine-weapons-end-up-criminal-hands-says-interpol-chief-jurgen-stock
 
Biden Pushes False Claim on Child Gun Deaths in Primetime Gun Control Speech
In his speech, Biden claimed that “Guns are the number one killer of children in the United States of America.”  This is a highly misleading claim… It draws from CDC data counting those aged 1 to 19—not what most people think of when they hear “children,” given that the range includes teenagers and legal adults aged 18 and 19…In fact, most of those killed were over age 14…  “The statistical likelihood of any given public school student being killed by a gun, in school, on any given day since 1999 was roughly 1 in 614,000,000,” former Harvard instructor David Ropeik explains. “And since the 1990s, shootings at schools have been getting less common.”…
https://www.based-politics.com/2022/06/03/child-gun-deaths-biden-pushes-false-claim-in-gun-control-speech/
 
Left-leaning Reuters with a warning: Democrats struggle to find footing on violent crime
San Francisco’s progressive district attorney, Chesa Boudin, is likely to be pushed out of office in a recall vote, while voters in Los Angeles will be choosing a new mayor – with an ex-Republican as a leading candidate. The results could send a blinking-red warning to Democrats ahead of November’s midterm elections…In April, the pollster Gallup found concern over crime was at its highest level since 2016, with 53% of Americans saying they worried “a great deal” about it. An ABC/Washington Post poll in May showed Americans trusted the Republican Party over Democrats to handle crime by 12 percentage points.
https://www.reuters.com/world/us/ahead-us-midterms-democrats-struggle-find-footing-violent-crime-2022-06-03/
 
Democrats’ gun control hypocrisy highlighted by liberal DAs letting violent criminals off: Sexton
https://www.foxnews.com/media/democrats-gun-control-hypocrisy-liberal-violent-criminals-sexton?s=02
 
Why the real solution to gun crime is improving gun-related convictions
But as the Department of Justice reports, only about two percent of prisoners who were in possession of a firearm at the time of their crime got that gun from a gun store, while the share of prisoners who got their guns at a gun show is vanishingly small at 0.8 percent more than 80 percent of the murderers in New York City have prior arrest records. (So do about 80 percent of the victims.)…
   In Chicago, 87 percent of the killers have police records, with an average of 12 arrests by the time they are brought in for murder. In Baltimore, the average killer has 9.3 prior arrests, and a third of the murderers are on probation when they kill
https://nypost.com/2022/06/04/why-improving-gun-related-convictions-would-solve-gun-crime/
 
@BillFOXLA: Career criminal Troy McAlister already had 2 strikes on his record when he committed an armed robbery in SF. Instead of prosecuting a 3rd strike, (25 to life) DA Chesa Boudin cut him a plea deal. He was released, and then allegedly killed 2 people while driving a stolen car.
 
17 L.A. gangs have sent out crews to follow and rob city’s wealthiest, LAPD says
https://www.latimes.com/california/story/2022-04-12/17-gangs-targeting-los-angeles-mega-rich
 
Dems increasingly are revealing their suppressed true intentions and beliefs.
 
@RNCResearch: Democrat Rep. David Cicilline: “spare me the bull$hit about constitutional rights
https://twitter.com/RNCResearch/status/1532548275848585229
 
Uvalde mom handcuffed by ‘coward’ cops for trying to rush inside school and save her kids claims police threatened her with a probation violation for obstruction of justice if she spoke to media
https://www.dailymail.co.uk/news/article-10884403/Uvalde-mom-handcuffed-coward-cops-trying-rush-save-kids-says-cops-threatened-her.html
 
Biden doesn’t care about mass shootings in America’s inner cities 
President Biden won’t talk about the 8,000 murders by handguns in 2020… they don’t fit the media’s narrative… The gangs shooting at each other in the South Side of Chicago aren’t using AR-15s. The guns they’re using are hot guns. Criminals don’t follow the law… https://t.co/4t8HVRq4GY
 
Another Chicago cop shot as violent crime tightens grip on Dem-run city https://t.co/rkp1DSck3U
 
Chicago cop shot in broad daylight; third law enforcement officer in one week https://t.co/xpnJOWrUuc
 
Chicago Democrat excoriates Lori Lightfoot for emboldening criminals, running the city ‘into the ground’ – Chicago is in a state of lawlessness right now thanks to the policies of Lori Lightfoot, who has enabled and emboldened criminals to feel that they can literally get away with murder on the streets of Chicago at any day of their choosing… We have had six mass shootings in the city of Chicago this year alone…not once has anyone on the national level, let alone our own mayor called out the shooting for what they weremass shootings,” he said… https://t.co/jfYOgRHPt0
 
@greg_price11: (Dem) Rep. Mondaire Jones says he wants to ban semi-automatic weapons.  He then says handguns wouldn’t qualify.  Uhhh, just about every handgun is a semi-automatic, dingus
https://twitter.com/greg_price11/status/1532516900982358017
 
Biden’s Proposed Assault Weapons Ban Has a Serious Constitutional Problem
As is often the case with Biden, he has sought to vilify the incorrect target. His obstacle to the gun control measures he envisions is… the Second Amendment. As a lawyer, he should know this but apparently does not… If he does know, then he’s guilty of recklessness for the sake of demagoguery.
    In the seminal case of District of Columbia v. Heller, the U.S. Supreme Court… cautioned that lawmakers do have the ability to impose reasonable limits including the “possession of firearms by felons and the mentally ill, or laws forbidding the carrying of firearms in sensitive places such as schools and government buildings.” However, a complete ban on a category of guns would surely exceed the Constitution’s constraints. Even the liberal leaning 9th Circuit Court of Appeals last month struck down a California law involving a semi-automatic weapons ban
https://thegreggjarrett.com/bidens-proposed-assault-weapons-ban-has-a-serious-constitutional-problem/
 
Bipartisan gun measure ‘close’ but won’t include assault weapons ban: senator (Murphy D-CT)
Measures will likely include investments in mental health, funds to increase school security and a change in red flag laws… https://nypost.com/2022/06/05/bipartisan-gun-measure-close-but-wont-include-assault-weapons-ban-sen-chris-murphy/
 
As noted umpteen times, US courts have already ruled on AR-15s and most Dem-proposed gun control measures.  Plus, Dems cannot or will not define assault weapons; its use is only inflammatory.  Finally, is gun control during a national crime epidemic a winning issue ahead of the midterms? 
 
@AnnCoulter: I TOTALLY trust a government that thinks “white supremacy” is the greatest domestic threat to administer “red flag” laws even-handedly.
 
@TheSpectator: “Barack Obama tweeted, ‘our country is paralyzed (on gun control).’ But Obama is the paralysis. He had a supermajority and never passed the laws he says are so obviously needed.”
 
@kylenabecker: Knives kill four times more people than ALL RIFLES COMBINED (per FBI data) … BAN ALL KNIVES NOW!  https://twitter.com/kylenabecker/status/1532892155538198534
 
The public school system in Virginia‘s capital says it may have more than 4,000 lesson plans, emails, and other materials about “sex work,” but if concerned parents want details, they will have to pay $20,000 to find out… “Given the broad scope of your revised request of the email search for the terms ‘sex work’ and ‘sex worker,’ our IT staff projects that upwards of 4,000 records may be retrieved in the search,” the district responded, adding that the “estimated charge that may be incurred by [Richmond Public Schools] to access, duplicate, supply, and/or search for records responsive your request, in the amount of $19,555.40,” half of which was required to begin searching…
https://www.dailywire.com/news/school-system-may-have-4000-materials-about-sex-work-but-parents-will-have-to-pay-20000-to-see-them
 
The institutionalized arrogance of US school officials is driving suburban women to the GOP.
 
In San Francisco, Democrats Are at War with Themselves Over Crime
Fueled by concerns about burglaries and hate crimes, San Francisco’s liberal district attorney, Chesa Boudin, faces a divisive recall in a famously progressive city.
https://www.nytimes.com/2022/06/05/us/chesa-boudin-recall-san-francisco.html?smid=tw-share&s=02
 
 
 
 
 
 
Oregon overdoses reach record highs after decriminalization of hard drugs
In November of 2020, Oregonians voted for Ballot Measure 110 which decriminalized personal possession of drugs such as heroin, cocaine, methamphetamine, and LSD… Republican State Representative Lilly Morgan noted a 700-percent increase in overdoses and a 120-percent increase in overdose deaths…  https://thepostmillennial.com/oregon-overdoses-reach-record-highs-after-decriminalization-of-hard-drugs
 
New poll finds (Deep Blue) Oregon governor’s race neck-and-neck between Drazan, Kotek
A Nelson Research poll, which was released on Wednesday… with 29.5% of respondents supporting Republican Christine Drazan, followed by Democratic nominee Tina Kotek with 27.5% and Betsy Johnson, an unaffiliated party candidate, with 19.4%… (If accurate, Dems in huge fix for 2022!)
https://www.koin.com/news/elections/new-poll-finds-oregon-governors-race-neck-and-neck-between-drazan-kotek/
 
Lawrence Jones on Seattle PD being unable to investigate new rape cases: Consequences of defunding police – Seattle police stopped investigating new rape cases due to staffing issues
https://www.foxnews.com/media/lawrence-jones-seattle-police-defund?intcmp=tw_fnc
 
Elon Musk asks why ‘leaking’ Justice Department won’t spill Jeffrey Epstein and Ghislaine Maxwell’s client list… ‘Only thing more remarkable than DOJ not leaking the list is that no one in the media cares. Doesn’t that seem odd?’ Musk tweeted…  https://www.dailymail.co.uk/news/article-10886561/Elon-Musk-asks-leaking-Justice-Department-wont-spill-Epstein-Maxwells-client-list.html
 
@SaraCarterDC: Imagine the kind of power an intelligence agency/ government had when they collected all the videos photographs over the decades on Epstein’s planes, island etc … @elonmusk is asking an important question but the bigger one is who benefited and what changes came because of it …
 
@RetroTechNoir: Court cases that were televisedOJ SimpsonJohn GottiTed BundyCasey AnthonyScott PetersonDerek ChauvinKyle RittenhouseTimothy McVeighJeffrey Dahmer
Court cases that were NOT televised: Ghislaine Maxwell
 
Putin’s war is just beginning. Even a ceasefire won’t thwart his masterplan. By @Halsrethink who has served in four US administrations and has met Putin several times in person.  https://t.co/WyWhLRsSvD
 
78 years ago, the Allies landed in France for D-Day.  How much MSM coverage will this get today?
 

Greg Hunter interviewing Dr Ryan Cole 

sawatchdog.com/global-cv19-vax-absolute-insanity-dr-ryan-cole/

Global CV19 Vax Absolute Insanity – Dr. Ryan Cole

By Greg Hunter On June 4, 2022 In Political Analysis117 Comments

By Greg Hunter’s USAWatchddog.com (Saturday Night Post)

Board-certified pathologist Dr. Ryan Cole has treated more than 500,000 patients, and he is an expert in postmortem examination.  Dr. Cole has a long resume, including a five-year stint at the Mayo Clinic.  Dr. Cole was one of the very first doctors to come out and question the entire Covid19 narrative and the extreme push for CV19 vaccine injections for all.  He has been attacked relentlessly and lost half his medical diagnostic business, but he’s still fighting and telling the truth about the huge lies and deadly mistakes by the medical establishment, especially when pushing the CV19 injections.  Dr. Cole says, “I know there was a lot of coercion, which is very unfortunate because it’s not what we do in medicine, yet, for whatever reason, we went into this mass psychosis societally and said, hey, it’s great to experiment on an entire world population, which is absolute insanity. . . . So, we are using a dangerous gene-based product without long term safety studies.  A lot of people have received it.  We are seeing damage and autoimmune disease.  We are seeing death from all causes at increased rates. . . . Scientifically, we are at the beginning . . . . as we go through the complexed mechanisms of what this is doing to the body, I think we are seeing the tip of the iceberg right now.  My warning to humanity is don’t get another one of these (CV19 vaccines).  It’s a dose dependent poison curve.  The more you get, the worse off you are going to be. . . . This is immunological insanity.  We need to stop this . . . . Plus, that persistent mRNA, we don’t know when that turns off, and we know that is causing all this immune harm.  We need to stop this immediately.  We need to stop the FDA and CDC and what they are pushing. . . . We need to wake up and acknowledge there is vaccine harm.”

Dr. Cole goes on to explain, “This shot was a mistake.  We rolled it out on humanity as an experiment.  We were told it was approved, safe and effective, and they lied to humanity.  The problem is it’s a nuclear bomb platform.  It’s a Lipid Nanoparticle plus a modified mRNA that you can’t turn off.  It’s a nuclear bomb, and we don’t know the long-term safety and outcomes.”

Dr. Cole is seeing dramatic increases in all types of illness such as aggressive cancers, heart disease, strokes, brain problems and autoimmune disease to name a few.  Dr. Cole says, “We are damaging the immune system.  Why are so many people getting sick with other things right now?  Because their immune system is suppressed. . . . Is there malicious intent behind what they are doing?  I can’t prove that.  Do I think with all the harm we are seeing that there are very unfortunate characters knowing that they are doing harm to people?  Yeah, I do.  Genocide for profit are strong words, but it’s hard to argue with it at this point.  We are seeing so much harm, and we are not seeing anybody stopping it.”

What is the trend line for injuries and deaths from the CV19 injections?  Dr. Cole says, “The trend line is going up.  We can see that in the data . . . and it is considerable.  We are seeing that the people who have gotten the shots are getting Covid at higher rates and other diseases at higher rates.  We are seeing all-cause mortality, those who have gotten too many shots, are dying at a much higher rate.”

One thing that is getting stopped is scientific investigations in the form of autopsies.  Dr. Cole says only a few thousand autopsies have been done on people killed by the CV19 vax, and there should have been100,000 autopsies done by now.  Dr. Cole points out, “Autopsies are how we learn about disease.  When Dr. Fauci said publicly early on ‘don’t do autopsies,’ I thought because you are covering up the findings.   You can’t find for that for which you don’t look. . . . To deny this opportunity to the professionals and scientists of the world, or to tell them not to do autopsies, that’s corrupt.”

Dr. Cole says anyone who has a family member, especially a young family member, with an unexplained or mysterious death, should demand an autopsy to find out if the CV19 vax killed your loved one.

There is much more information in the one-hour and eight-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes one-on-one with pathologists Dr. Ryan Cole, as he exposes the covid lies that will cost millions their lives.

(sawatchdog.com/global-cv19-vax-absolute-insanity-dr-ryan-cole/)

After the Interview:

You can get lots of free information on Dr. Cole’s website by clicking here.

There is also free information on GlobalCovidSummit.org.  There, you can tell you vax injury story without fear of it being censored or canceled.

 

See you TUESDAY

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